Alternative statutory remedy and unexplained delay barred writ review of customs confiscation adjudication, leaving merits for appellate consideration...
Authorised courier due diligence protects against penalties where declared exports conceal prohibited goods despite proper documentation and customs p...
Customs-controlled container movement now extends to DP World facilities, subject to segregation, inspections, reconciliation, and EXIM cargo priority...
NCLAT upheld the Resolution Plan submitted by the Successful Resolution Applicant, finding no valid grounds for rejection. The Appellate Tribunal determined that the Committee of Creditors (CoC), comprising majority homebuyers, approved the plan with 91% vote share. The Tribunal emphasized that absent specific violations of Section 30(2), the Adjudicating Authority cannot override the CoC's commercial wisdom. No stakeholder raised objections to the valuation, and the Successful Resolution Applicant committed to addressing statutory liabilities. Consequently, the NCLAT set aside the lower court's order, allowing the Resolution Plan and providing relief to the corporate debtor's creditors.
NCLAT upheld the Resolution Plan submitted by the Successful Resolution Applicant, finding no valid grounds for rejection. The Appellate Tribunal determined that the Committee of Creditors (CoC), comprising majority homebuyers, approved the plan with 91% vote share. The Tribunal emphasized that absent specific violations of Section 30(2), the Adjudicating Authority cannot override the CoC's commercial wisdom. No stakeholder raised objections to the valuation, and the Successful Resolution Applicant committed to addressing statutory liabilities. Consequently, the NCLAT set aside the lower court's order, allowing the Resolution Plan and providing relief to the corporate debtor's creditors.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
