Vicarious liability for dishonoured company cheques may extend to non-signatory directors where complaints contain foundational responsibility avermen...
Charitable registration turns on predominant purpose and genuine activities, while incidental fees and related-party rent require supporting adverse m...
MAT book-profit adjustments exclude disallowances for exempt-income expenditure and demerger expenditure unless expressly listed under the statutory c...
Insolvency and BankruptcyApril 17, 2024Case LawsAT
CIRP - Liquidation of corporate debtor - Refusal to approve the private sale - The Tribunal acknowledged the procedural challenges presented by the liquidator’s initiation of a private sale, which was contested by another interested party leading to the Adjudicating Authority's decision to allow more bidders to participate, ensuring a competitive process to maximize asset recovery. The Tribunal found that despite the withdrawal of one of the interested parties, the original decision to seek more bids was justified given the potential for higher recovery. It was held that the auction process should proceed with a fresh notice and the opportunity for all interested parties, including those who had expressed earlier interests, to participate.
CIRP - Liquidation of corporate debtor - Refusal to approve the private sale - The Tribunal acknowledged the procedural challenges presented by the liquidator’s initiation of a private sale, which was contested by another interested party leading to the Adjudicating Authority's decision to allow more bidders to participate, ensuring a competitive process to maximize asset recovery. The Tribunal found that despite the withdrawal of one of the interested parties, the original decision to seek more bids was justified given the potential for higher recovery. It was held that the auction process should proceed with a fresh notice and the opportunity for all interested parties, including those who had expressed earlier interests, to participate.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
