Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
Priority of set-off: brought forward business losses must be adjusted before unabsorbed depreciation; procedural safeguards required for invoking rest...
A sanctioned scheme of arrangement assigning specified creditors' claims to the 63 Moons Group was held binding on all specified creditors, including dissenters, because the claims pursued in the civil suits arose from the same NSEL payment default and fell within the scheme. Once the settlement trigger event occurred, those claims, including claims against consenting brokers, stood assigned to the assignee, so the appellants could not continue independent civil proceedings for covered claims. The Tribunal also refused to revisit the scheme's legality, noting that earlier orders upholding it had already attained finality and were affirmed on merits by the Supreme Court. The appeal was dismissed.
A sanctioned scheme of arrangement assigning specified creditors' claims to the 63 Moons Group was held binding on all specified creditors, including dissenters, because the claims pursued in the civil suits arose from the same NSEL payment default and fell within the scheme. Once the settlement trigger event occurred, those claims, including claims against consenting brokers, stood assigned to the assignee, so the appellants could not continue independent civil proceedings for covered claims. The Tribunal also refused to revisit the scheme's legality, noting that earlier orders upholding it had already attained finality and were affirmed on merits by the Supreme Court. The appeal was dismissed.
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