Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
Insolvency and BankruptcySeptember 5, 2024Case LawsHC
Petition challenging maintainability of approved resolution plan dismissed. Resolution applicant made full disclosure, not barred u/s 29A. Once resolution plan approved, corporate debtor proceeds on clean slate with successful applicant, debts satisfied as required then jettisoned. Approved resolution plan shields corporate debtor's assets from criminal prosecution and attachment, Section 32A clarificatory. Committee of Creditors acts for all creditors, balancing maximization of asset value and revival. Its commercially viable decisions approved by NCLT cannot be condemned. No grounds to interfere, writ petition dismissed with costs.
Petition challenging maintainability of approved resolution plan dismissed. Resolution applicant made full disclosure, not barred u/s 29A. Once resolution plan approved, corporate debtor proceeds on clean slate with successful applicant, debts satisfied as required then jettisoned. Approved resolution plan shields corporate debtor's assets from criminal prosecution and attachment, Section 32A clarificatory. Committee of Creditors acts for all creditors, balancing maximization of asset value and revival. Its commercially viable decisions approved by NCLT cannot be condemned. No grounds to interfere, writ petition dismissed with costs.
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