Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Insolvency and BankruptcyApril 16, 2024Case LawsSCH
Withdrawal/modification of approved Resolution Plan - Section 31(1) of IBC - The Supreme Court addressed cross-appeals concerning the approval of a resolution plan under the Insolvency and Bankruptcy Code, 2016. It reiterated the legal position established in a previous judgment regarding the withdrawal or modification of a resolution plan post-approval by the Committee of Creditors. Additionally, the Court dismissed allegations of fraud and misinformation, emphasizing the adequacy of information provided to the resolution applicants. As a result, the Court set aside the impugned judgment and approved the resolution plan submitted by the successful resolution applicants.
Withdrawal/modification of approved Resolution Plan - Section 31(1) of IBC - The Supreme Court addressed cross-appeals concerning the approval of a resolution plan under the Insolvency and Bankruptcy Code, 2016. It reiterated the legal position established in a previous judgment regarding the withdrawal or modification of a resolution plan post-approval by the Committee of Creditors. Additionally, the Court dismissed allegations of fraud and misinformation, emphasizing the adequacy of information provided to the resolution applicants. As a result, the Court set aside the impugned judgment and approved the resolution plan submitted by the successful resolution applicants.
Note: It is a system-generated summary and is for quick reference only.