Appointment of the Appellant as the liquidator - The Tribunal ...

Insolvency and Bankruptcy

May 1, 2024

Appointment of the Appellant as the liquidator - The Tribunal found that the Appellant failed to comply with Regulation 31A(11) by not submitting the mandatory written consent on Form AA of Schedule II before the Adjudicating Authority or the SCC. Despite the alleged consent dated 29.08.2023, there was no evidence of its submission to the relevant authorities. - The Tribunal upheld the Adjudicating Authority's decision to appoint Respondent No. 2 as the liquidator, citing the authority's power to replace the liquidator for justifiable reasons. - Agreeing with the Respondent, the Tribunal concluded that the Appellant lacked locus standi to file the appeal as they were merely a proposed/prospective liquidator without inherent rights to the appointment.

View Source

← Previous Next →

Appointment of the Appellant as the liquidator - The Tribunal ...

Insolvency and Bankruptcy

May 1, 2024

You may also like:

Exemption u/s 11 - The interest earned on fixed deposit with banks complying with the provisions of Section 11 (5) is exempt and the proviso to Section 2( 15) has no application

Assessment of trust - 'Pharmacy' income as income of charitable trust - it is evident that the Tribunal has not recorded any reasons whether or not the assessee has...

Mandatory penalty u/s 11AC - Tribunal had no discretion to reduce the amount of penalty as specified under section 11 AC. - HC

Validity of assessment passed w/o intimating u/s 143(1) - Denial of exemption u/s 11 and Claim of Expenses by the CPC - The Appellate Tribunal noted that the return of...

Power of tribunal to review application - It is the well laid down proposition of law that ‘in the absence of any power of ‘Review’ or ‘Recall’ vested with the...

Revision u/s 263 - assessment of trust - donations given out of accumulated funds u/s. 11(2) of the Act of earlier previous years - The Tribunal noted the argument that...

Adjustment made to the income returned in the intimation made by the CPC u/s 143(1) - exemption u/s 11/12 denied as assessee had failed to furnish the necessary Form 10B...

Exemption u/s 11 - retrospective effect - On registration of the Trust, benefit under Section 11 and 12 would be available to the assessee from the assessment year...

Rectification u/s 154 - Exemption u/s 11(2) - Accumulation of income - The Appellate Tribunal found merit in the appellant's contention regarding the amount to be...

Taxability of unutilized accumulated funds u/s 11(2) as income u/s 11(3) - The CIT(A) upheld the Assessing Officer's decision, which was based on a Section 263 order...

Oppression and mismanagement - reduction in shareholding - illegal transfer and allotment of shares - The NCLAT observed that, the appellants did not fully comply with...

Exemption right u/s 11 & 12 - assessee society is registered u/s 12A - Addition u/s 69 - undisclosed income/Investment - it is an admitted fact that the assessee society...

Exemption u/s 11 - assessee has not e-filed or not filed return within due date - The NFAC/Ld.CIT(A) ruled in favor of the Assessee, stating that the CBDT circular...

Exemption u/s. 11(1)(d) - contributions received from students towards development and welfare funds of the school - voluntary contribution or otherwise - The ITAT...

Sanction of scheme of demerger - The mandate of law engrafted u/s 230(1) of the Act requiring the Tribunal to order calling of meeting of the creditors/ members of the...

Quick Updates: