Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
Insolvency and BankruptcyApril 23, 2024Case LawsAT
Approval of Resolution plan - Propriety of the valuation exercise conducted by the RP - The tribunal dismissed concerns regarding the SRA's competence, noting that the resolution plan included a clear and feasible strategy for running the corporate debtor effectively under new management. The tribunal found that the plan aimed to preserve the corporate debtor as a going concern. - The tribunal addressed the valuation concerns by referring to the dual valuation reports provided during the CIRP process and found no significant discrepancy warranting the engagement of a third valuer. - The tribunal clarified that the resolution plan does not extinguish the liabilities of personal guarantors. - The tribunal's decision reinforces the principle that the commercial wisdom of the Committee of Creditors (CoC) is paramount.
Approval of Resolution plan - Propriety of the valuation exercise conducted by the RP - The tribunal dismissed concerns regarding the SRA's competence, noting that the resolution plan included a clear and feasible strategy for running the corporate debtor effectively under new management. The tribunal found that the plan aimed to preserve the corporate debtor as a going concern. - The tribunal addressed the valuation concerns by referring to the dual valuation reports provided during the CIRP process and found no significant discrepancy warranting the engagement of a third valuer. - The tribunal clarified that the resolution plan does not extinguish the liabilities of personal guarantors. - The tribunal's decision reinforces the principle that the commercial wisdom of the Committee of Creditors (CoC) is paramount.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4798
Join Channel
TaxTMI 
