Objective characteristics and principal use govern mining-tyre classification, while fresh advance ruling applications may rely on additional technica...
Administrative fraud classification suspension does not halt independent criminal investigation or warrant-based searches into alleged economic offenc...
NCLAT affirmed the Committee of Creditors' (CoC) liquidation resolution under Section 33(2) of IBC. The tribunal found no arbitrariness in CoC's decision to liquidate the corporate debtor. While rejecting the appellant's financial proposal, the court granted liberty to submit a compromise or arrangement scheme under Regulation 2B by 20.05.2025. The appeals challenging the liquidation order were dismissed, with the court noting that the Central Bank's objection to the addendum proposal was already accepted by the adjudicating authority. The decision preserves the CoC's statutory power to liquidate with 66% voting share while providing a limited avenue for the appellant to explore alternative resolution mechanisms.
NCLAT affirmed the Committee of Creditors' (CoC) liquidation resolution under Section 33(2) of IBC. The tribunal found no arbitrariness in CoC's decision to liquidate the corporate debtor. While rejecting the appellant's financial proposal, the court granted liberty to submit a compromise or arrangement scheme under Regulation 2B by 20.05.2025. The appeals challenging the liquidation order were dismissed, with the court noting that the Central Bank's objection to the addendum proposal was already accepted by the adjudicating authority. The decision preserves the CoC's statutory power to liquidate with 66% voting share while providing a limited avenue for the appellant to explore alternative resolution mechanisms.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
