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...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
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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.
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