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...
NCLAT held that a Resolution Plan cannot be approved under Section 30(2)(b) r/w Section 31 without ensuring minimum payment to Operational Creditors and dissenting Financial Creditors, which must not be less than liquidation value as per Section 53. The Adjudicating Authority's role is strictly limited to verifying plan compliance with statutory requirements, without exercising equitable jurisdiction. The Committee of Creditors retains exclusive commercial wisdom in determining resolution plan terms. The Appellate Tribunal cannot interfere with CoC's decision unless clear statutory violations exist. Consequently, the appeal was dismissed, affirming the original resolution plan's approval while emphasizing strict adherence to Insolvency Code provisions.
NCLAT held that a Resolution Plan cannot be approved under Section 30(2)(b) r/w Section 31 without ensuring minimum payment to Operational Creditors and dissenting Financial Creditors, which must not be less than liquidation value as per Section 53. The Adjudicating Authority's role is strictly limited to verifying plan compliance with statutory requirements, without exercising equitable jurisdiction. The Committee of Creditors retains exclusive commercial wisdom in determining resolution plan terms. The Appellate Tribunal cannot interfere with CoC's decision unless clear statutory violations exist. Consequently, the appeal was dismissed, affirming the original resolution plan's approval while emphasizing strict adherence to Insolvency Code provisions.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
