Regulation 36B (4F) only contemplate one contingency that where ...

Case Laws Insolvency and Bankruptcy

December 27, 2023

Regulation 36B (4F) only contemplate one contingency that where performance security shall stand forfeited but the said provision does not exclude forfeiture of performance security in other conditions as contemplated in RFRP. We, thus, are of the view that the decision of the CoC for forfeiting the performance security is in accordance with RFRP. It is to be noted that at no point of time, any provision of the RFRP was challenged and Resolution Applicant has undertaken to abide by all terms and conditions of the RFRP. - AT

View Source

← Previous Next →

Regulation 36B (4F) only contemplate one contingency that where ...

Case Laws Insolvency and Bankruptcy

December 27, 2023

You may also like:

Appointment of Arbitrator in applications - notified claims or not - Section 11(6) of the Arbitration Act - It is observed that the learned Arbitrator shall first decide...

Correct head of income - income arising from sale of shares - CBDT Circular, as relied upon by Ld. CIT(A), clearly provide that in respect of listed shares and...

Disallowance on account of write off of obsolete inventory - the condition for invoking AS-4 is that there should exist a contingency as on the Balance Sheet date and...

Addition u/s 56(2)(ix) - forfeited amount of application money collected on issuing shares against share warrants - The amount forfeited by the assessee out share...

Stay of demand - payment of 20% of the disputed demands - furnishes security of equal amount in respect thereof - The assessee shall provide a reasonable security for an...

Clarification regarding taxability of supply of securities under Securities Lending Scheme, 1997

Nature of income - Forfeiture of security deposit - termination of certain lease agreement - from assessee’s point of view, there is no extinguishment of any right. The...

Revocation of CHA license - forfeiture of security deposit - The forfeiture of entire security deposit is disproportionate, also since there is no specific allegation as...

Classification of services - Fee from parks - Market fee-daily - Market fee-weekly - Fees for bays in bus stand (bus stand entrance fee collection) - Bus -stand...

Securities payout timing revised from 1:30 PM to 3:30 PM under T+1 rolling settlement. Clearing Corporations to credit securities directly to client demat accounts on...

Disallowance of contingency expenses claimed by the assessee. The Assessing Officer (AO) disallowed the contingency expenses despite acknowledging that the total cost...

While CENVAT credit of National Calamity Contingency duty (NCCD)can be utilized under the CENVAT Credit Rules only towards payment of such National Calamity Contingency...

Disallowance of loss on sale of Government Securities - permissible business loss or not? - The Tribunal disagreed with the AO's presumption that the securities were not...

The circular issued by the Securities and Exchange Board of India (SEBI) announces the repeal of previous circulars concerning the procedure for dealing with cases...

Clandestine removal - the computer printouts in the facts at hand do not fulfill the mandatory provisions of Section 36B-(2) & (4) of the Central Excise Act, in so far...

Quick Updates: