Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
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NCLAT rejected contempt proceedings against resolution professional (RP) for filing Section 12A withdrawal application. The Tribunal determined that RP's application for CIRP withdrawal, approved by 98% Committee of Creditors (CoC) vote share, did not constitute willful disobedience of prior tribunal order. The RP was statutorily obligated to file withdrawal application, and since CoC did not approve fee payments to former or current RP, no contempt could be established. The tribunal found no merit in the contempt application, emphasizing that statutory compliance cannot be construed as contumacious conduct, thereby dismissing the application and protecting the RP's procedural actions under Insolvency and Bankruptcy Code.
NCLAT rejected contempt proceedings against resolution professional (RP) for filing Section 12A withdrawal application. The Tribunal determined that RP's application for CIRP withdrawal, approved by 98% Committee of Creditors (CoC) vote share, did not constitute willful disobedience of prior tribunal order. The RP was statutorily obligated to file withdrawal application, and since CoC did not approve fee payments to former or current RP, no contempt could be established. The tribunal found no merit in the contempt application, emphasizing that statutory compliance cannot be construed as contumacious conduct, thereby dismissing the application and protecting the RP's procedural actions under Insolvency and Bankruptcy Code.
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