Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Insolvency and BankruptcyMarch 20, 2024Case LawsAT
Consideration of Resolution Plan from Non-Listed Applicants - Authority of CoC to Modify Invitation for Expression of Interest (EOI) - The NCLAT upheld Regulation 39(1)(b) which states that the CoC should not consider plans from applicants not listed as PRAs. It was noted that neither the mentioned applicant nor other similar applicants submitted an Expression of Interest (EOI) or were listed as PRAs. - The NCLAT affirmed that the CoC has the authority to modify the EOI and decide not to consider applications from non-listed applicants. It was emphasized that the CoC's decision was crucial in determining the direction of the Corporate Insolvency Resolution Process (CIRP).
Consideration of Resolution Plan from Non-Listed Applicants - Authority of CoC to Modify Invitation for Expression of Interest (EOI) - The NCLAT upheld Regulation 39(1)(b) which states that the CoC should not consider plans from applicants not listed as PRAs. It was noted that neither the mentioned applicant nor other similar applicants submitted an Expression of Interest (EOI) or were listed as PRAs. - The NCLAT affirmed that the CoC has the authority to modify the EOI and decide not to consider applications from non-listed applicants. It was emphasized that the CoC's decision was crucial in determining the direction of the Corporate Insolvency Resolution Process (CIRP).
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
