Reconsideration of Resolution plan - The petitioners/appellants ...

Disputed Funds Ordered into Escrow Pending Appeal to Ensure Fair Play and Protect Interests of Petitioners.

May 4, 2024

Case Laws Insolvency and Bankruptcy AT

Reconsideration of Resolution plan - The petitioners/appellants seek an order directing the respondents to place an amount equivalent to the difference between their entitlement and the amount approved by the Committee of Creditors in an Escrow Account until the final adjudication of the appeal. - After considering the submissions and the interim order, the Appellate Tribunal orders the respondents to hold the disputed amount in Escrow to safeguard the petitioners' interests and prevent any injustice. This decision is made in line with principles of fair play and good conscience, with the aim of ensuring a just outcome in the case.

View Source

← Previous Next →

Reconsideration of Resolution plan - The petitioners/appellants ...

Disputed Funds Ordered into Escrow Pending Appeal to Ensure Fair Play and Protect Interests of Petitioners.

May 4, 2024

Case Laws Insolvency and Bankruptcy AT

You may also like:

Interest incurred claimed as a deduction u/s. 57(iii) out of interest earned from mutual funds - In our opinion, unless funds are borrowed for making deposit to earn...

Interest earned on the aggregate escrowed amount - Liability of the petitioners to deposit to the Investor Education Protection Fund (IEPF) under Section 125 of the...

The assessee failed to demonstrate that the financial assistance availed on interest was utilized for business purposes without diversion. Where an assessee has...

Provisional attachment of escrow bank account - shares of the petitioner / contractor - Joint Escrow account opened by the Principal - GST Evasion - we lift the...

HC held that Respondents must deposit USD 1 million (converted to INR at applicable exchange rates) plus 12% statutory interest within two weeks. The court found...

Disallowance of interest u/s 36(1)(iii) towards interest expenditure - allegation that assessee company diverted its “interest bearing funds” for giving “interest free...

Disallowance of excess interest paid - diversion of funds for non-business purposes - It is immaterial how the loan was treated by the Director - as far as the assessee...

The Appellate Tribunal dismissed the appeal filed by the Petitioners seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate...

Disallowance of interest expenses incurred for non-business purposes - The ITAT found that the interest expenditure claimed by the assessee was allowable due to the...

Disallowance of proportionate interest u/s 36 (1) (iii) - when assessee had sufficient funds, why should it depend on borrowed funds. In any case, if at a given point of...

Interest income earned on government grants parked in bank accounts for Smart City project implementation was contested. Assessee, established for Smart City Scheme...

The Direct Tax Vivad Se Vishwas Act, 2020 aims to settle tax disputes. The term "appeal" under the Act includes writ petitions challenging tax orders, as per Supreme...

Petitioner challenged order u/s 73 of GST Act creating demand, as notices were uploaded on GST portal's 'Additional Notices and Orders' tab, unbeknownst to petitioner...

Addition of interest attributable on the diversion of loan fund - Once own fund of the assessee exceeds the amount of interest free loans and advances, then a...

Disallowance of interest on the advance - Simply because the assessee has secured loan from Standard Chartered Bank that does not mean that same interest bearing fund...

Quick Updates: