Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
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The NCLAT held that the erstwhile Resolution Professional (RP) acted in deference to the commercial wisdom of the Committee of Creditors (CoC), which is paramount. Although the Adjudicating Authority observed irregularities and non-compliance with the CIRP Regulations by the RP, the NCLAT modified the order to expunge those adverse remarks against the RP's performance and conduct. The RP had taken necessary steps envisaged under the IBC for conducting the CIRP, including preparing the Information Memorandum, inviting Expressions of Interest, appointing a Transaction Auditor, and filing applications u/ss 43 and 66. The CoC had approved the resolution plan with the requisite majority, exercising its commercial wisdom. Therefore, the RP cannot be blamed for breaching the IBC by acting on the CoC's decision. The rest of the Adjudicating Authority's order remained unchanged.
The NCLAT held that the erstwhile Resolution Professional (RP) acted in deference to the commercial wisdom of the Committee of Creditors (CoC), which is paramount. Although the Adjudicating Authority observed irregularities and non-compliance with the CIRP Regulations by the RP, the NCLAT modified the order to expunge those adverse remarks against the RP's performance and conduct. The RP had taken necessary steps envisaged under the IBC for conducting the CIRP, including preparing the Information Memorandum, inviting Expressions of Interest, appointing a Transaction Auditor, and filing applications u/ss 43 and 66. The CoC had approved the resolution plan with the requisite majority, exercising its commercial wisdom. Therefore, the RP cannot be blamed for breaching the IBC by acting on the CoC's decision. The rest of the Adjudicating Authority's order remained unchanged.
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