Related-party creditor exclusion bars CoC participation where lender rights show policy-making involvement, and post-CIRP assignment cannot cure ineli...
Rectification of apparent typographical errors may proceed without hearing when tax liability, input tax credit, and ruling substance remain unchanged...
Closure of CIRP may be ordered where withdrawal under section 12A read with Regulation 30A is infeasible because CIRP costs remain uncrystallised and Form FA and a bank guarantee cannot be furnished. Where all creditor claims are settled or covered by accepted full-and-final settlements, no resolution plan exists, and the appellant undertakes to pay CIRP costs as determined, continuing CIRP serves no insolvency-resolution purpose and only increases costs. CIRP was closed subject to payment of the operational creditor's agreed settlement and CIRP costs following determination by the Adjudicating Authority.
Closure of CIRP may be ordered where withdrawal under section 12A read with Regulation 30A is infeasible because CIRP costs remain uncrystallised and Form FA and a bank guarantee cannot be furnished. Where all creditor claims are settled or covered by accepted full-and-final settlements, no resolution plan exists, and the appellant undertakes to pay CIRP costs as determined, continuing CIRP serves no insolvency-resolution purpose and only increases costs. CIRP was closed subject to payment of the operational creditor's agreed settlement and CIRP costs following determination by the Adjudicating Authority.
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