Assessment against deceased sole proprietor requires proceedings against the legal representative, rendering prior assessment and appellate orders inv...
Residential waste collection classification under SAC 999423 defeats composite-supply exemption where facilitating goods are not transferred to the lo...
Condonation of delay permits statutory appeal restoration where inadequate service explanation prevented consideration of reassessment and taxable-inc...
Section 31 review of a resolution plan is limited to statutory compliance and procedural fairness; the Adjudicating Authority cannot reappraise CoC commercial wisdom unless the record shows opacity, incomplete disclosure or abuse of CIRP. The Tribunal found the Information Memorandum and process defective because asset values fell, liabilities disappeared, and no proper audit or meaningful disclosure explained the changes or addressed possible avoidance issues. It also recognised an implied duty on a creditor involved in parallel CIRPs to disclose material facts affecting transparency, though non-disclosure is not automatically fatal. On these facts, the plan was rightly rejected and liquidation confirmed.
Section 31 review of a resolution plan is limited to statutory compliance and procedural fairness; the Adjudicating Authority cannot reappraise CoC commercial wisdom unless the record shows opacity, incomplete disclosure or abuse of CIRP. The Tribunal found the Information Memorandum and process defective because asset values fell, liabilities disappeared, and no proper audit or meaningful disclosure explained the changes or addressed possible avoidance issues. It also recognised an implied duty on a creditor involved in parallel CIRPs to disclose material facts affecting transparency, though non-disclosure is not automatically fatal. On these facts, the plan was rightly rejected and liquidation confirmed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4819 
Join Channel 
