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RIL has extracted the ‘Migrated Gas’, however, the said extraction/ exploration of the ‘Migrated Gas’ without any ‘explicit and express permission’ cannot be said to have been in ‘most efficient manner for betterment of the Union’, which did not belong to it and which did not entitle them to reaping any profits therefrom.
By instituting a more structured and stringent framework, Section 132 ensures that audit firms and professionals adhere to internationally recognized standards, thereby fostering greater transparency, accountability, and confidence in financial reporting.
A plain reading of Section 32A IBC reveals that once a resolution plan is approved under Section 31, the Corporate Debtor shall not be prosecuted for an offence committed prior to the commencement of the CIRP. However, this immunity does not extend to the erstwhile officers and persons responsible for the conduct of its business prior to CIRP.
The expression “plant and machinery” has been defined by the Explanation appearing in Section 17(5) of CGST Act to mean apparatus, equipment and machinery fixed to earth by foundation or structural support. However, it specifically excludes telecommunication towers from the ambit of the expression “plant and machinery”.
Delhi High Court observed that the contempt proceedings against the respondents lacked legal foundation, as they were not parties to the original petitions instituted by the consortium companies.
The Court held that the proceedings initiated in terms of the impugned SCNs and their continuance would be futile and impractical. The impugned SCNs are essentially rendered impotent and would serve no practical purpose.
Delhi High Court has denied travel permission to a Sahara-linked director, maintaining Look Out Circular restrictions amidst a critical SFIO investigation. The Court’s decision underscores the ongoing scrutiny of financial ties and the impact on ongoing probes.