Home Highlights June 2013 Year 2013 This

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1. Recovery proceedings of tax dues - preferential right - secured creditors - Income Tax Department’s preferential right to recovery of debts over other creditors is...

2. Recovery of tax dues - Attachment of assets - dues of MVAT Authorities’ have charge in priority to the secured creditors or not - This judgment reaffirms the supremacy...

3. Financial creditor versus Operational creditor - different treatment - right to be in the Committee of Creditors (COC) - The rationale of giving a particular treatment...

4. Claim of secured creditor - right on the basis of the pledged shares - appellants not having advanced any money to the Corporate Debtor - The appellant no.1 – M/s....

5. Exemption u/s 54F - Assessee given advance for purchase of land in the year 2005 and accordingly acquired right for specific performance of agreement of sale - The said...

6. Recovery of dues against customs duty - Preferential right of secured creditors over hypothecated movable property - The provision of Section 142A of the Customs Act,...

7. Scheme of Amalgamation - directed to hold separate meetings of the Un-Secured Creditors of the Transferor Company and Secured Creditors and Un-Secured Creditors of the...

8. Power of RP to admit the Claims suo-motu - There is no such provision that the IRP shall admit the Claim without filing a Claim either in Form-B or in Form-C. - the IRP...

9. Consideration of Scheme of Compromise or Arrangement - no opportunity was given to Respondent Nos.2 and 3 to explain and clarify their Scheme before Financial Creditors...

10. Addition u/s 68 - investment made by the partners - AO has examined 79 unsecured creditors who appeared before the AO and given statements on oath. All of them have...

11. Approval of the resolution plan - dissenting financial creditor - order of priority among the creditors as also the priority and value of the security interest of a...

12. Initiation of CIRP - Flat Buyer is a Financial Creditor or not - Whether ‘HBPL’ falls within the ambit of the definition of ‘Corporate Debtor’, as defined under Section...

13. Step to be taken by the ‘Liquidator’ during the ‘Liquidation’. - the scheme must ensure maximisation of the assets of the ‘Corporate Debtor’ and balance the stakeholders...

14. Refund alongwith Interest - amount deposited during search proceedings - If tax is collected without any authority of law, the same would amount to depriving a person of...

15. CIRP - Unsecured Financial Creditor or not - Non-registration of charge before the Registrar of Companies - the mortgaged property, will form part of the Liquidation...