Minimum Import Price restrictions for Black Pepper, Areca-nuts and Apples upheld; procedural laying failure not fatal, notifications to be placed befo...
Transaction value between related persons requires market-equivalent pricing; importer must prove declared value mirrors ordinary international trade ...
Classification of exported insecticides under export tariff affirmed; reclassification and related penalties set aside and MEIS scrip jurisdiction rec...
Misclassification between copra and dry coconut: customs recovery and re-valuation quashed for lack of prior licensing-authority invalidation, appeals...
The dominant issue was whether an approved resolution plan could...
Insolvency resolution plan's loan assignment between approving and dissenting creditors: post-approval redistribution blocked; original distribution enforced, appeal dismissed.
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
The dominant issue was whether an approved resolution plan could be modified to reassign a loan component from approving financial creditors to dissenting financial creditors by treating dissenters as "other entity" under the plan. The plan's clauses expressly contemplated assignment of the loan and distribution of the balance resolution amount to approving financial creditors, including that loan, and any attempt to alter this post-approval would change the agreed distribution mechanism. Since Section 30(4) makes the CoC-approved plan binding and the CoC's commercial wisdom is confined to approval, it cannot be invoked later to justify impermissible modifications. The application seeking enforcement of the original plan was rightly allowed and the appeal challenging it was dismissed - NCLAT
The dominant issue was whether an approved resolution plan could be modified to reassign a loan component from approving financial creditors to dissenting financial creditors by treating dissenters as "other entity" under the plan. The plan's clauses expressly contemplated assignment of the loan and distribution of the balance resolution amount to approving financial creditors, including that loan, and any attempt to alter this post-approval would change the agreed distribution mechanism. Since Section 30(4) makes the CoC-approved plan binding and the CoC's commercial wisdom is confined to approval, it cannot be invoked later to justify impermissible modifications. The application seeking enforcement of the original plan was rightly allowed and the appeal challenging it was dismissed - NCLAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4819 
Join Channel 
