Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
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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