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Liquidator appointment under Section 34 requires consideration of creditor recommendations, valid professional authorisation, and preservation of vali...
Income-tax exemption for specified regulatory fees and government grants applies subject to non-commercial activity and continuing compliance conditio...
Digital accessibility audit and remediation deadlines extended, while all other disability-compliance obligations for regulated entities remain unchan...
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Insolvency and BankruptcyFebruary 16, 2022Case LawsAT
Approval of resolution plan - The learned Counsel for the RP has submitted before us that Appellant itself has submitted twice the Resolution Plan, which could not be approved - There being debt of more that ₹ 50 crores, the Resolution Plan, which was submitted by the Appellant was only for ₹ 6.5 crores, which did not find favour with the Committee of Creditors. In the facts, which have been brought on record, there are no substance in the submission of learned Counsel for the Appellant that Application under Section 9 by the Operational Creditor was not maintainable. - AT
Approval of resolution plan - The learned Counsel for the RP has submitted before us that Appellant itself has submitted twice the Resolution Plan, which could not be approved - There being debt of more that ₹ 50 crores, the Resolution Plan, which was submitted by the Appellant was only for ₹ 6.5 crores, which did not find favour with the Committee of Creditors. In the facts, which have been brought on record, there are no substance in the submission of learned Counsel for the Appellant that Application under Section 9 by the Operational Creditor was not maintainable. - AT
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