Equivalent-value attachment survives prior release and environmental compensation where deposits may represent proceeds from alleged illegal mining ac...
Section 12A withdrawal through settlement is presented as an integral insolvency-resolution exit route, alongside resolution plans and liquidation. Where a viable settlement and repayment process exists, the resolution professional must independently and objectively consider extending CIRP, including use of the period up to the 330-day outer limit where appropriate, rather than prematurely seek liquidation. A resolution professional cannot rely on Registry advice regarding relief or privately consult an individual Committee of Creditors member instead of convening the Committee. Such non-independent decision-making renders a liquidation application under Section 33(1) legally unsustainable. The liquidation order was set aside, and CIRP was restored to explore settlement-based withdrawal.
Section 12A withdrawal through settlement is presented as an integral insolvency-resolution exit route, alongside resolution plans and liquidation. Where a viable settlement and repayment process exists, the resolution professional must independently and objectively consider extending CIRP, including use of the period up to the 330-day outer limit where appropriate, rather than prematurely seek liquidation. A resolution professional cannot rely on Registry advice regarding relief or privately consult an individual Committee of Creditors member instead of convening the Committee. Such non-independent decision-making renders a liquidation application under Section 33(1) legally unsustainable. The liquidation order was set aside, and CIRP was restored to explore settlement-based withdrawal.
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TaxTMI 
TaxTMI 
of 4881 
