Courier transshipment of imported goods via named carrier to air cargo stations renewed until 30.01.2026; exemption conditional, strict controls apply...
Insurer's investment gains and investment write-downs face Section 263 revision; enquiry upheld, Rule 5(b)(ii) lapse sustained, late corrigendum quash...
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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