Goods Transport Agency services via e commerce portals: consignment note creates custody and liability and enables exemption for unregistered recipien...
Reverse charge and assignment of royalty collection: exemption for excess royalty collectors subject to reconciliation; leaseholders remain liable und...
Interpretation of the term "existing management" in an approved resolution plan was central to deciding whether a pending civil suit for mesne profits could continue against the corporate debtor under new management. The court held that "existing management" referred to the management immediately prior to takeover, and the resolution plan permitted continuation only to determine monetary liability recoverable, if any, from the erstwhile management, not from the corporate debtor/new management. Since an approved plan under s. 31(1) IBC freezes and extinguishes all claims not provided for, the suit was barred against the corporate debtor/new management; it could proceed only against the erstwhile management if steps were taken within a fortnight, failing which it would be treated as disposed. - HC
Interpretation of the term "existing management" in an approved resolution plan was central to deciding whether a pending civil suit for mesne profits could continue against the corporate debtor under new management. The court held that "existing management" referred to the management immediately prior to takeover, and the resolution plan permitted continuation only to determine monetary liability recoverable, if any, from the erstwhile management, not from the corporate debtor/new management. Since an approved plan under s. 31(1) IBC freezes and extinguishes all claims not provided for, the suit was barred against the corporate debtor/new management; it could proceed only against the erstwhile management if steps were taken within a fortnight, failing which it would be treated as disposed. - HC
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