Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4798
Join Channel
TaxTMI 
