Ratification of resignation acceptance validates separation retrospectively, while withdrawal may be refused through reasoned administrative discretio...
Nature-dependent electricity contracts receive new Ind AS accounting, hedge designation, transition and financial-statement disclosure requirements fr...
Alternative GST remedy permitted protective writ intervention for ex parte adjudication, preserving independent appellate review of input tax credit d...
Assessment against deceased sole proprietor requires proceedings against the legal representative, rendering prior assessment and appellate orders inv...
Residential waste collection classification under SAC 999423 defeats composite-supply exemption where facilitating goods are not transferred to the lo...
Condonation of delay permits statutory appeal restoration where inadequate service explanation prevented consideration of reassessment and taxable-inc...
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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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