Minimum alternate tax exclusions for pre-amendment banking companies and expatriate Indian branch salaries remain outside head office expenditure limi...
Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
An Interim Resolution Professional must receive, verify and collate claims and maintain an updated creditor list for constituting the Committee of Creditors. Partial admission of secured creditors' claims after verification, and their reduced voting share following admission of homebuyers' claims, do not by themselves establish lack of integrity or justify removal. Decisions to retain or replace the professional ordinarily remain within the Committee of Creditors' commercial wisdom, with tribunal intervention limited to exceptional circumstances. Allegations of bias, misconduct, contractual interference and process deadlock did not establish such circumstances, particularly where the relevant contract resolution was stayed and class creditors supported the professional. The applications for replacement and restraint on further committee meetings were rejected.
An Interim Resolution Professional must receive, verify and collate claims and maintain an updated creditor list for constituting the Committee of Creditors. Partial admission of secured creditors' claims after verification, and their reduced voting share following admission of homebuyers' claims, do not by themselves establish lack of integrity or justify removal. Decisions to retain or replace the professional ordinarily remain within the Committee of Creditors' commercial wisdom, with tribunal intervention limited to exceptional circumstances. Allegations of bias, misconduct, contractual interference and process deadlock did not establish such circumstances, particularly where the relevant contract resolution was stayed and class creditors supported the professional. The applications for replacement and restraint on further committee meetings were rejected.
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