Admissibility of electronic evidence bars undervaluation demands where printouts, retracted statements and no cross-examination leave the case unprove...
Limitation in oppression and mismanagement proceedings: prior knowledge of removal and dilution barred the challenge, with valuation directions upheld...
Insolvency professional agency governance rules amended to add nominee directors, tighten independent director eligibility, and regulate managing dire...
Rejection of Application for Pre-Packaged Insolvency Resolution Process (PPIRP) based on Ineligibility or Deficiency in Application - The NCLAT found the application was indeed complete and compliant with the IBC requirements, indicating an error in the NCLT's rejection based on the merits of the base resolution plan, which was premature and outside the scope of examination at the application stage. - The NCLAT clarified that the statutory scheme of the IBC does not envisage consideration of the base resolution plan's merits at the application stage. The Tribunal emphasized that the scheme mandates examination of the resolution plan's approval by the Committee of Creditors (CoC) post the initiation of PPIRP, with the base resolution plan neither being final nor requiring adjudicatory approval at the application stage.
Rejection of Application for Pre-Packaged Insolvency Resolution Process (PPIRP) based on Ineligibility or Deficiency in Application - The NCLAT found the application was indeed complete and compliant with the IBC requirements, indicating an error in the NCLT's rejection based on the merits of the base resolution plan, which was premature and outside the scope of examination at the application stage. - The NCLAT clarified that the statutory scheme of the IBC does not envisage consideration of the base resolution plan's merits at the application stage. The Tribunal emphasized that the scheme mandates examination of the resolution plan's approval by the Committee of Creditors (CoC) post the initiation of PPIRP, with the base resolution plan neither being final nor requiring adjudicatory approval at the application stage.
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