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...
Charitable tree plantation and maintenance for environmental preservation treated as "charitable activity", exempt from GST under Notification 12/2017...
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 4816 
Join Channel 
