Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
Unsubstantiated exempt agricultural income claim sustains concealment penalty after disclosure only on departmental detection and no bona fide evidenc...
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The NCLAT dismissed the appeal challenging the approval of the resolution plan by the Committee of Creditors (CoC) and the Adjudicating Authority. The key findings were: The adoption of the Swiss Challenge Method by the CoC for value maximization was an outcome of its commercial wisdom, which cannot be interfered with. The appellant's contention questioning the Swiss Challenge method lacked merit. The Resolution Professional (RP) conducted the Corporate Insolvency Resolution Process (CIRP) fairly and transparently, providing equal opportunity to all resolution applicants. The CoC duly considered and evaluated the revised resolution plan of the successful resolution applicant (SRA) before approval. The appellant's claim of denial of effective participation in CoC meetings was unfounded. The Adjudicating Authority did not err in approving the SRA's resolution plan, as no grounds u/s 61(3) of the Insolvency and Bankruptcy Code (IBC) were established to interfere with the CoC's commercial decision. The NCLAT upheld the primacy of the CoC's commercial wisdom and found no irregularities in the CIRP conduct by the RP.
The NCLAT dismissed the appeal challenging the approval of the resolution plan by the Committee of Creditors (CoC) and the Adjudicating Authority. The key findings were: The adoption of the Swiss Challenge Method by the CoC for value maximization was an outcome of its commercial wisdom, which cannot be interfered with. The appellant's contention questioning the Swiss Challenge method lacked merit. The Resolution Professional (RP) conducted the Corporate Insolvency Resolution Process (CIRP) fairly and transparently, providing equal opportunity to all resolution applicants. The CoC duly considered and evaluated the revised resolution plan of the successful resolution applicant (SRA) before approval. The appellant's claim of denial of effective participation in CoC meetings was unfounded. The Adjudicating Authority did not err in approving the SRA's resolution plan, as no grounds u/s 61(3) of the Insolvency and Bankruptcy Code (IBC) were established to interfere with the CoC's commercial decision. The NCLAT upheld the primacy of the CoC's commercial wisdom and found no irregularities in the CIRP conduct by the RP.
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