Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
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...
The Committee of Creditors (CoC) with 100% vote share can directly proceed for liquidation of the Corporate Debtor without taking steps for resolution, as the power given to the CoC to decide liquidation is wide and can be exercised immediately after constitution of the CoC. The CoC is not required to complete all resolution steps before liquidation, as the legislative intent allows liquidation "at any time" even before inviting resolution plans. The CoC found no positive signs for revival and good grounds to prolong the CIRP process, considering the Corporate Debtor's unfavorable financial position. The Resolution Professional faced difficulties in obtaining records and information from the suspended management, hindering preparation of the Information Memorandum (IM). The CoC's decision to liquidate was not abrupt, hasty or arbitrary. The Adjudicating Authority cannot adjudicate the merits of the CoC's commercial wisdom to liquidate with requisite majority. No infirmity was found in the Adjudicating Authority's order approving the CoC's liquidation decision, and the appeal was dismissed.
The Committee of Creditors (CoC) with 100% vote share can directly proceed for liquidation of the Corporate Debtor without taking steps for resolution, as the power given to the CoC to decide liquidation is wide and can be exercised immediately after constitution of the CoC. The CoC is not required to complete all resolution steps before liquidation, as the legislative intent allows liquidation "at any time" even before inviting resolution plans. The CoC found no positive signs for revival and good grounds to prolong the CIRP process, considering the Corporate Debtor's unfavorable financial position. The Resolution Professional faced difficulties in obtaining records and information from the suspended management, hindering preparation of the Information Memorandum (IM). The CoC's decision to liquidate was not abrupt, hasty or arbitrary. The Adjudicating Authority cannot adjudicate the merits of the CoC's commercial wisdom to liquidate with requisite majority. No infirmity was found in the Adjudicating Authority's order approving the CoC's liquidation decision, and the appeal was dismissed.
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