Mark-to-Market losses on principal-protected debentures are deductible as business expenditure when the obligation is crystallized under mercantile ac...
Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
The Appellate Tribunal held that rejection of a CoC-approved resolution plan cannot rest on a general perception of unfairness or material irregularity where the CIRP was conducted in accordance with the sole financial creditor's decisions and the Adjudicating Authority had not found statutory non-compliance or ineligibility. It also found no foundation for alleged informational asymmetry, because the Information Memorandum disclosed the mismatch in title documents and possession, access to the data room was available to all applicants, and bidding proceeded on an as is where is basis. The impugned rejection was set aside, the approval application was revived for fresh consideration, and the unsuccessful applicant's challenges were closed.
The Appellate Tribunal held that rejection of a CoC-approved resolution plan cannot rest on a general perception of unfairness or material irregularity where the CIRP was conducted in accordance with the sole financial creditor's decisions and the Adjudicating Authority had not found statutory non-compliance or ineligibility. It also found no foundation for alleged informational asymmetry, because the Information Memorandum disclosed the mismatch in title documents and possession, access to the data room was available to all applicants, and bidding proceeded on an as is where is basis. The impugned rejection was set aside, the approval application was revived for fresh consideration, and the unsuccessful applicant's challenges were closed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4824 
Join Channel 
