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...
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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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