Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
Works contract classification governs composite layout-development contracts where VAT-paid goods are transferred alongside construction and infrastru...
Specified income tax exemption for pollution control body remains conditional on non-commercial activity, unchanged income character, and return filin...
Jurisdictional facts in certificate-of-origin discrepancies can support customs show-cause proceedings, leaving factual explanations for departmental ...
CIRP-generated surplus cash flow was held not to vest in the successful resolution applicant because the approved resolution plan contained no express provision dealing with that surplus. The Tribunal read clauses 3.9.5, 3.9.8 and 4.1(ii) as covering margin money, fixed deposits and temporary utilisation for foreclosure, but not creating any proprietary right over surplus generated while the corporate debtor remained under the Resolution Professional's control. In the absence of contractual allocation in the plan, the surplus retained its character as part of the insolvency estate and was directed to be distributed under Section 53. That direction was treated as addressing a matter not contemplated by the plan, not as modifying the approved resolution plan.
CIRP-generated surplus cash flow was held not to vest in the successful resolution applicant because the approved resolution plan contained no express provision dealing with that surplus. The Tribunal read clauses 3.9.5, 3.9.8 and 4.1(ii) as covering margin money, fixed deposits and temporary utilisation for foreclosure, but not creating any proprietary right over surplus generated while the corporate debtor remained under the Resolution Professional's control. In the absence of contractual allocation in the plan, the surplus retained its character as part of the insolvency estate and was directed to be distributed under Section 53. That direction was treated as addressing a matter not contemplated by the plan, not as modifying the approved resolution plan.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
