Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
The Tribunal dismissed the application challenging extinguishment of claims under an approved resolution plan. The Tri emphasized that IBC's primary objective is revival of the Corporate Debtor through time-bound restructuring, not liquidation. Once a resolution plan is approved by the CoC based on their commercial wisdom regarding feasibility and viability, the Adjudicating Authority cannot direct changes contingent on future arbitration proceedings. Under Section 31(1), an approved resolution plan freezes all claims and binds all stakeholders including the Corporate Debtor, creditors, governments, and guarantors. Consequently, the Applicant's prayer that their claim should not be extinguished was deemed legally untenable and rejected.
The Tribunal dismissed the application challenging extinguishment of claims under an approved resolution plan. The Tri emphasized that IBC's primary objective is revival of the Corporate Debtor through time-bound restructuring, not liquidation. Once a resolution plan is approved by the CoC based on their commercial wisdom regarding feasibility and viability, the Adjudicating Authority cannot direct changes contingent on future arbitration proceedings. Under Section 31(1), an approved resolution plan freezes all claims and binds all stakeholders including the Corporate Debtor, creditors, governments, and guarantors. Consequently, the Applicant's prayer that their claim should not be extinguished was deemed legally untenable and rejected.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
