Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
RPA (Remote Pilot Aircraft) for military use defined to include drones/UAV/UAS; exemptions limited to specified defence imports with Joint Secretary c...
Transfer of going concern and transfer of input tax credit under GST allowed; exemption applies though interstate ledger transfers left to authorities...
After the CoC approved a resolution plan with 100% voting and the approval application was pending, the subsequently reconstituted CoC lacked jurisdiction to withdraw the plan, cancel the LoI, or seek remand for reconsideration; the later resolutions were unauthorised and contrary to CIRP Regulations and could not be relied upon, so the plan had to be considered for approval in accordance with law. On compliance with section 30(2)(b) IBC, only operational creditors and dissenting financial creditors are statutorily assured liquidation-value minimum; other creditors are not mandatorily payable, and the secured creditor's claim was addressed in the plan and had to be paid as provided, so the plan was not non-compliant. Appeal allowed. - NCLAT
After the CoC approved a resolution plan with 100% voting and the approval application was pending, the subsequently reconstituted CoC lacked jurisdiction to withdraw the plan, cancel the LoI, or seek remand for reconsideration; the later resolutions were unauthorised and contrary to CIRP Regulations and could not be relied upon, so the plan had to be considered for approval in accordance with law. On compliance with section 30(2)(b) IBC, only operational creditors and dissenting financial creditors are statutorily assured liquidation-value minimum; other creditors are not mandatorily payable, and the secured creditor's claim was addressed in the plan and had to be paid as provided, so the plan was not non-compliant. Appeal allowed. - NCLAT
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