The Tribunal held that once CIRP is initiated, tax dues crystallise into operational debt under the Insolvency and Bankruptcy Code (IBC), which can be legally assigned or transferred. Upholding the reconstitution of the Committee of Creditors (CoC), NCLAT confirmed that the Resolution Professional acted within Regulation 28 of the IBC Regulations.

The court also allowed an exemption application filed by the appellant and directed both parties to file their respective written submissions, along with supporting case law, within two weeks

Gifting mutual funds to children is now possible only through demat mode, with strict new rules and important tax implications every parent should understand.