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...
In a CIRP concerning a mixed-use real estate project, the dominant issue was whether extraordinary powers could be invoked to ensure an equitable resolution among competing stakeholders, particularly protecting homebuyers, where the ordinary CIRP architecture was viewed as inadequate to secure balanced outcomes. The Court accepted the amicus recommendations and stakeholder responses indicating broad confidence in a court-monitored mechanism, and held that the case warranted exercise of Article 142 to "do complete justice" while maintaining fidelity to IBC objectives. Consequently, it directed a court-appointed committee with judicial oversight to ensure continuity of the resolution process and safeguard homebuyers' rights. - SC
In a CIRP concerning a mixed-use real estate project, the dominant issue was whether extraordinary powers could be invoked to ensure an equitable resolution among competing stakeholders, particularly protecting homebuyers, where the ordinary CIRP architecture was viewed as inadequate to secure balanced outcomes. The Court accepted the amicus recommendations and stakeholder responses indicating broad confidence in a court-monitored mechanism, and held that the case warranted exercise of Article 142 to "do complete justice" while maintaining fidelity to IBC objectives. Consequently, it directed a court-appointed committee with judicial oversight to ensure continuity of the resolution process and safeguard homebuyers' rights. - SC
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