Faceless assessment and registration procedures are updated through electronic communication, revised recovery rules, extended deadlines, and replacem...
Risk-based selective vessel boarding requires accurate declarations and preserves master and agent liability where physical inspections are not select...
Permanent-establishment reassessment cannot revisit scrutinised disclosures; extended reopening fails without undisclosed material facts and within st...
Insolvency and BankruptcyDecember 21, 2022Case LawsAT
Approval of resolution plan - Seeking a direction to the Resolution Professional (RP) to call for a Meeting at the CoC - It is reiterated that the ‘Maximisation of Value of Assets’ ought to be ‘within the specified timelines’ and if it is not a ‘timebound process’, the entire scope and objective of the Code would fail merely because there is another higher offer made by a third party, the CoC cannot consider another Plan of a third party who did not participate in the CIRP Proceedings. - AT
Approval of resolution plan - Seeking a direction to the Resolution Professional (RP) to call for a Meeting at the CoC - It is reiterated that the ‘Maximisation of Value of Assets’ ought to be ‘within the specified timelines’ and if it is not a ‘timebound process’, the entire scope and objective of the Code would fail merely because there is another higher offer made by a third party, the CoC cannot consider another Plan of a third party who did not participate in the CIRP Proceedings. - AT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
