Independent show-cause notices remain separate proceedings, while customs adjudication challenges should ordinarily follow the statutory appellate rem...
Institutional incapacity in customs settlement proceedings excludes non-functional quorum periods from statutory disposal timelines, preventing automa...
Interactive touchscreen panels with integrated computing functions fall under automatic data-processing machines rather than display monitors for cust...
Ex parte injunction service requirements were substantially met, while civil recovery and SFIO investigation into provident fund defalcation continued...
Enforcement of resolution-plan directions continues without a Supreme Court stay, preventing suspension of redistribution and escrowed-fund distributi...
Third-party ownership claims over attached property require Special Court adjudication where purchasers lack registered sale deeds and bona fides rema...
Pure-agent reimbursements in clearing and forwarding services are excluded from taxable value when qualifying third-party payments are properly record...
Approval of Resolution Plan - The Tribunal found the resolution plan’s treatment of operational creditors contrary to Section 30(2)(b) of the IBC, as operational creditors were offered payments through equity rather than cash, which is not aligned with the precedence established by the Supreme Court. - The Tribunal modified the order of the NCLT to ensure that the resolution plan complies with the provisions of Section 30(2)(b)(ii) of the IBC. It directed that the resolution applicant distribute the plan amount to the operational creditors on a pro-rata basis as per the said section, prioritizing cash payments over other forms.
Approval of Resolution Plan - The Tribunal found the resolution plan’s treatment of operational creditors contrary to Section 30(2)(b) of the IBC, as operational creditors were offered payments through equity rather than cash, which is not aligned with the precedence established by the Supreme Court. - The Tribunal modified the order of the NCLT to ensure that the resolution plan complies with the provisions of Section 30(2)(b)(ii) of the IBC. It directed that the resolution applicant distribute the plan amount to the operational creditors on a pro-rata basis as per the said section, prioritizing cash payments over other forms.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4782
Join Channel
TaxTMI 
