Enforcement of resolution-plan directions continues without a Supreme Court stay, preventing suspension of redistribution and escrowed-fund distributi...
Third-party ownership claims over attached property require Special Court adjudication where purchasers lack registered sale deeds and bona fides rema...
Pure-agent reimbursements in clearing and forwarding services are excluded from taxable value when qualifying third-party payments are properly record...
Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
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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