Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
The article explains that a resolution plan approved by the Committee of Creditors could not be rejected on subjective concerns about valuation, negotiation, claim treatment, voting pattern, disputed assets, or procedural points, because these fall within the CoC's commercial wisdom and are not open to judicial reappraisal absent a specific breach of Section 30(2). It further states that disputed properties may be included in the information memorandum where relevant to the corporate debtor's assets, that prior directions preventing a fresh reference back to the CoC had to be followed, and that promoters had no locus to seek withdrawal under Section 12A after rejection of their settlement proposals. It also treats later compliance with Rainbow Papers as implementable through an additional payment by the successful applicant.
The article explains that a resolution plan approved by the Committee of Creditors could not be rejected on subjective concerns about valuation, negotiation, claim treatment, voting pattern, disputed assets, or procedural points, because these fall within the CoC's commercial wisdom and are not open to judicial reappraisal absent a specific breach of Section 30(2). It further states that disputed properties may be included in the information memorandum where relevant to the corporate debtor's assets, that prior directions preventing a fresh reference back to the CoC had to be followed, and that promoters had no locus to seek withdrawal under Section 12A after rejection of their settlement proposals. It also treats later compliance with Rainbow Papers as implementable through an additional payment by the successful applicant.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
