Statutory transfer formalities invalidated alleged share and property transfers, while retrospective record manipulation constituted oppression and mi...
Provisional attachment of laundered funds and equivalent-value property sustained, with statutory protection limited to pension, gratuity and providen...
Insolvency moratorium does not shield company officers from cheque dishonour prosecution for liability arising before corporate insolvency proceedings...
SC held that the Resolution Plan submitted by JSW for Bhushan Power and Steel Limited was fundamentally flawed, involving multiple procedural and substantive irregularities. The Court found critical non-compliance with mandatory IBC provisions, including improper implementation of the Resolution Plan, failure of the Resolution Professional to verify eligibility criteria, and dubious conduct by the Committee of Creditors. Consequently, the SC quashed the NCLT and NCLAT orders, effectively setting aside the Resolution Plan and directing a fresh resolution process, emphasizing strict adherence to Insolvency and Bankruptcy Code regulations and time-bound resolution mechanisms.
SC held that the Resolution Plan submitted by JSW for Bhushan Power and Steel Limited was fundamentally flawed, involving multiple procedural and substantive irregularities. The Court found critical non-compliance with mandatory IBC provisions, including improper implementation of the Resolution Plan, failure of the Resolution Professional to verify eligibility criteria, and dubious conduct by the Committee of Creditors. Consequently, the SC quashed the NCLT and NCLAT orders, effectively setting aside the Resolution Plan and directing a fresh resolution process, emphasizing strict adherence to Insolvency and Bankruptcy Code regulations and time-bound resolution mechanisms.
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