Imported analyser diagnostic cartridges treated as accessories with analyser system, not standalone diagnostic reagents; extended limitation and penal...
Steel-timber construction shuttering/formwork tariff classification dispute: essential character held steel, classified as shuttering under Heading 73...
Family-linked property purchases using fabricated loan agreements and benami-style arrangements held to be crime proceeds; attachment upheld, appeal d...
NCLAT held that under Sec. 34(1) and 34(4)(c) IBC, only the CoC is competent to select a replacement resolution professional to act as liquidator, while the Adjudicating Authority (NCLT) has only the power to formally appoint the RP so selected, subject to Board confirmation under Sec. 27. The Adjudicating Authority cannot suo motu appoint a liquidator of its own choice. On facts, CoC's decision to appoint M/s Stress Credit Resolution Pvt. Ltd. as liquidator was upheld, subject to its recognition as RP and confirmation by the Board. Orders of NCLT, Indore Bench, were set aside and the appeal was allowed.
NCLAT held that under Sec. 34(1) and 34(4)(c) IBC, only the CoC is competent to select a replacement resolution professional to act as liquidator, while the Adjudicating Authority (NCLT) has only the power to formally appoint the RP so selected, subject to Board confirmation under Sec. 27. The Adjudicating Authority cannot suo motu appoint a liquidator of its own choice. On facts, CoC's decision to appoint M/s Stress Credit Resolution Pvt. Ltd. as liquidator was upheld, subject to its recognition as RP and confirmation by the Board. Orders of NCLT, Indore Bench, were set aside and the appeal was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4826 
Join Channel 
