Attachment and proclamation of sale of immovable property: limitation treated from financial year end; proclamation held within period, petition dismi...
Second Schedule attachment and validity of a post-notice mortgage: TRO cannot declare mortgage void ab initio; sale and appropriation allowed thereaft...
Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
The IRP for corporate persons regulations were amended to tighten committee composition and insolvency cost control. Regulation 16 now requires the eighteen largest unrelated operational creditors to be considered, and if fewer than eighteen exist, all such unrelated operational creditors must be included. Where creditors other than scheduled banks or public financial institutions hold more than 66% voting share, the resolution professional must invite the five largest unrelated operational creditors, including the three largest statutory-dues authorities, as non-voting observers and record their observations. The committee must approve all insolvency resolution process costs, consider a Going Concern Assessment Report at the first meeting, and at each meeting review estimates and actuals. Resolution plans must now be recorded with reasons on viability, realisable value versus fair and liquidation values, and adequacy of market discovery.
The IRP for corporate persons regulations were amended to tighten committee composition and insolvency cost control. Regulation 16 now requires the eighteen largest unrelated operational creditors to be considered, and if fewer than eighteen exist, all such unrelated operational creditors must be included. Where creditors other than scheduled banks or public financial institutions hold more than 66% voting share, the resolution professional must invite the five largest unrelated operational creditors, including the three largest statutory-dues authorities, as non-voting observers and record their observations. The committee must approve all insolvency resolution process costs, consider a Going Concern Assessment Report at the first meeting, and at each meeting review estimates and actuals. Resolution plans must now be recorded with reasons on viability, realisable value versus fair and liquidation values, and adequacy of market discovery.
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