https://www.taxtmi.com/caselaws?id=298012 A resolution plan under the Insolvency and Bankruptcy Code was approved because it satisfied Section 29A eligibility, priority payment of insolvency resolution process costs, treatment of operational creditors and workmen, and feasibility, viability, and implementation requirements under the CIRP framework, with 100% creditor approval. The Tribunal rejected requests for blanket income-tax relief, including exemption from minimum alternate tax and withholding obligations, because Section 115JB already provided the relevant CIRP-linked tax treatment and no further exemption was authorised. It also declined exemption from stamp duty, registration fees, and penalties for non-registration or inadequate stamping, holding that such statutory governmental dues and penalty waivers could not be granted absent specific legal authority. en-us Thu, 06 Jun 2019 00:00:00 +0530 Tue, 05 Oct 2021 20:03:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298012 A resolution plan under the Insolvency and Bankruptcy Code was approved because it satisfied Section 29A eligibility, priority payment of insolvency resolution process costs, treatment of operational creditors and workmen, and feasibility, viability, and implementation requirements under the CIRP framework, with 100% creditor approval. The Tribunal rejected requests for blanket income-tax relief, including exemption from minimum alternate tax and withholding obligations, because Section 115JB already provided the relevant CIRP-linked tax treatment and no further exemption was authorised. It also declined exemption from stamp duty, registration fees, and penalties for non-registration or inadequate stamping, holding that such statutory governmental dues and penalty waivers could not be granted absent specific legal authority. Case-Laws Insolvency and Bankruptcy Thu, 06 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298012