The law was well settled that the Resolution Plan which was approved by the CoC could not be allowed to be withdrawn and any clause which contemplate withdrawal of the plan was unenforceable unless section 30(2) of the IBC was breached.
Appellant had submitted that it was a secured financial creditor of the Corporate Debtor. Appellant’s financial debt was secured by charge on certain units and / or charge on total FSI (totaling to about 34,200 sq. ft.) in the project that was being developed by the CD.
Assessee had filed his income tax return on in which he declared a total income of Rs. 35,00,611, accepted under Section 143(1). A subsequent search and seizure operation on Pipavav Defence and Offshore Engineering Co. brought assessee’s finances under scrutiny, as he was allegedly linked to the company.
Aggrieved by the relief granted by CIT(A) to assessee, Revenue preferred Appeal before ITAT for the assessment years under consideration and against the deletion of additions made by AO. ITAT dismissed the appeal.
Assessee contended that the complaint filed by Respondent No.3 had not stated about the boundaries of Plot No 14 and there was no clarity as to from which side the encroachment was alleged to be carried out.
There was no error in the order of the Adjudicating Authority, accepting the outstanding dues as ‘operational debt’, to be paid as per the provisions of the Resolution Plan.
Assessee had been mainly providing e-platform for conducting e-auction, e-procurement services for disposal of scrap arisings, surplus stores, etc. from PSUs and Government Departments including Defence.
Goods imported under the 2 BEs were seized and were later provisionally released on execution of bond with bank guarantee. Statement of Managing Director (MD) of assessee was recorded on 17.09.2020.
Assessee- TAAI filed the appeal under Section 53B of the Competition Act, 2002, challenging the Competition Commission of India‘s (CCI) order dated 8.05.2020 alleging that the Department of Expenditure, Government of India, the Respondent No. 2, Balmer Lawrie & Co. Ltd.
The CoC resolved not to initiate liquidation process and decided to file an application for dissolution of the CD. In pursuance of the resolution passed by the CoC in its fifth Meeting dated 29.04.2024, an IA was filed by the RP which came to be rejected by the Adjudicating Authority.
