Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
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...
Interim finance raised during CIRP from a related party and concurrent appointment of related legal counsel created a conflict of interest and breached the fiduciary duty and transparency obligations of the resolution professional, warranting corrective action. The RP failed to place terms of the loan and CIRP costs before the CoC for informed approval, and appropriated interim funds largely for his own and the related lawyers fees, justifying reduction of fees recoverable. The Appellate Tribunal upheld findings of misuse, disallowed certain interim finance refunds for interest and processing fees, and moderated the RPs recovery to Rs. 50 lakhs.
Interim finance raised during CIRP from a related party and concurrent appointment of related legal counsel created a conflict of interest and breached the fiduciary duty and transparency obligations of the resolution professional, warranting corrective action. The RP failed to place terms of the loan and CIRP costs before the CoC for informed approval, and appropriated interim funds largely for his own and the related lawyers fees, justifying reduction of fees recoverable. The Appellate Tribunal upheld findings of misuse, disallowed certain interim finance refunds for interest and processing fees, and moderated the RPs recovery to Rs. 50 lakhs.
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