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...
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se the CoC and the successful resolution applicant even before approval by the adjudicating authority, and cannot be withdrawn or modified after submission for approval.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se the CoC and the successful resolution applicant even before approval by the adjudicating authority, and cannot be withdrawn or modified after submission for approval.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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4819 
Join Channel 
