Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
Objective characteristics and principal use govern mining-tyre classification, while fresh advance ruling applications may rely on additional technica...
Administrative fraud classification suspension does not halt independent criminal investigation or warrant-based searches into alleged economic offenc...
Section 65 of the IBC permits termination of CIRP where initiation is shown to be fraudulent or malicious, but only on specific pleadings and supporting material. The NCLAT held that the provision can be invoked even after a Section 7 admission order attains finality, yet it cannot be used to reopen the earlier finding on debt and default. On the facts, the bank relied on the same assignment-based contention already considered in the Section 7 proceedings, and the record did not show collusion, fraud or malicious intent. The forensic audit direction was also set aside because no such relief had been sought and it was unnecessary once Section 65 relief was refused.
Section 65 of the IBC permits termination of CIRP where initiation is shown to be fraudulent or malicious, but only on specific pleadings and supporting material. The NCLAT held that the provision can be invoked even after a Section 7 admission order attains finality, yet it cannot be used to reopen the earlier finding on debt and default. On the facts, the bank relied on the same assignment-based contention already considered in the Section 7 proceedings, and the record did not show collusion, fraud or malicious intent. The forensic audit direction was also set aside because no such relief had been sought and it was unnecessary once Section 65 relief was refused.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4819 
Join Channel 
