Specialized Investment Fund distribution now requires dedicated certification, while transitional recognition preserves existing qualified distributor...
Overlapping GST proceedings require Central and State authorities to designate one competent authority for coordinated adjudication of the same matter...
Composite healthcare supplies retain exemption when patient care is the contract's essential character, despite payment through an implementing agency...
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.
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