Revisionary jurisdiction under section 263 upheld; faceless assessments subject to revision when AO fails requisite enquiries, remitted for fresh asse...
Limited scope of processing under section 143(1): enhancement without show cause is unsustainable; remand for residency, taxation and TDS verification...
A CoC-approved resolution plan remains binding inter se the CoC and the successful resolution applicant even before approval by the adjudicating authority, and cannot be withdrawn or modified after submission for approval. The Tribunal applied Ebix Singapore and State Bank of India v. Consortium of Murarilal Jalan to hold that the CoC had no jurisdiction to authorise the Resolution Professional to seek withdrawal of the pending plan approval application. It further held that post-submission CoC meetings under Regulation 18(2) may deal only with matters not affecting the resolution plan. The order allowing withdrawal on the RP's oral request was set aside, the approval application was revived, and the separate promoter-related application was left open.
A CoC-approved resolution plan remains binding inter se the CoC and the successful resolution applicant even before approval by the adjudicating authority, and cannot be withdrawn or modified after submission for approval. The Tribunal applied Ebix Singapore and State Bank of India v. Consortium of Murarilal Jalan to hold that the CoC had no jurisdiction to authorise the Resolution Professional to seek withdrawal of the pending plan approval application. It further held that post-submission CoC meetings under Regulation 18(2) may deal only with matters not affecting the resolution plan. The order allowing withdrawal on the RP's oral request was set aside, the approval application was revived, and the separate promoter-related application was left open.
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