Mechanical approval under search assessment law vitiates assessments when sanction lacks application of mind; retrospective curative provision cannot ...
Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
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The Appellate Tribunal found the Interim Resolution Professional's (IRP) conduct to be biased, premeditated, and authoritarian, violating the core objectives and principles of the Insolvency and Bankruptcy Code (IBC). The IRP prematurely admitted the claim of a creditor and reconstituted the Committee of Creditors (CoC) after being voted out, enabling the new creditor to appoint him as the Resolution Professional (RP). This collusive practice compromised the integrity and transparency of the insolvency resolution process. The Tribunal held that such conduct goes against the objectives of the IBC and could enable erstwhile promoters' re-entry into the corporate debtor. Consequently, the appeal was dismissed, emphasizing the need for neutrality and impartiality in CIRP proceedings to uphold the IBC's principles.
The Appellate Tribunal found the Interim Resolution Professional's (IRP) conduct to be biased, premeditated, and authoritarian, violating the core objectives and principles of the Insolvency and Bankruptcy Code (IBC). The IRP prematurely admitted the claim of a creditor and reconstituted the Committee of Creditors (CoC) after being voted out, enabling the new creditor to appoint him as the Resolution Professional (RP). This collusive practice compromised the integrity and transparency of the insolvency resolution process. The Tribunal held that such conduct goes against the objectives of the IBC and could enable erstwhile promoters' re-entry into the corporate debtor. Consequently, the appeal was dismissed, emphasizing the need for neutrality and impartiality in CIRP proceedings to uphold the IBC's principles.
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