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...
Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
The National Company Law Appellate Tribunal, New Delhi, addressed the issue of forfeiture of INR 10 Crores by the Committee of Creditors (CoC) led by State Bank of India (SBI) and the alleged restraint by CoC. The Tribunal held that the forfeiture was lawful u/s Resolution Plan terms. The Appellant's failure to provide valid bank guarantees and meet financial commitments justified the forfeiture. The CoC's actions were deemed appropriate, and the Appellant's contentions were rejected. The Tribunal also found the Appellant's contradictory stance on the nature of the deposit. Referring to IBBI, the Tribunal concluded that there was no cause to proceed u/s Section 74(3) of the Code against the Appellant. The appeal was dismissed, affirming the forfeiture as per Resolution Plan and CIRP Regulations.
The National Company Law Appellate Tribunal, New Delhi, addressed the issue of forfeiture of INR 10 Crores by the Committee of Creditors (CoC) led by State Bank of India (SBI) and the alleged restraint by CoC. The Tribunal held that the forfeiture was lawful u/s Resolution Plan terms. The Appellant's failure to provide valid bank guarantees and meet financial commitments justified the forfeiture. The CoC's actions were deemed appropriate, and the Appellant's contentions were rejected. The Tribunal also found the Appellant's contradictory stance on the nature of the deposit. Referring to IBBI, the Tribunal concluded that there was no cause to proceed u/s Section 74(3) of the Code against the Appellant. The appeal was dismissed, affirming the forfeiture as per Resolution Plan and CIRP Regulations.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4794
Join Channel
TaxTMI 
