Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
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...
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An operational creditor that submitted a resolution plan and exercised voting rights to approve its own plan breached the statutory prohibition on interested parties voting, creating a conflict of interest and applying nemo judex in causa sua to find the CoC decision void for material irregularity; the approval was vitiated for violating principles of natural justice. The Resolution Professional failed in its duty to flag the conflict and statutory bar, warranting IBBI notice and remedial action. Because the statutory framework does not accommodate this situation, the Tribunal found the plan invalid and concluded liquidation is the only viable outcome for the corporate debtor.
An operational creditor that submitted a resolution plan and exercised voting rights to approve its own plan breached the statutory prohibition on interested parties voting, creating a conflict of interest and applying nemo judex in causa sua to find the CoC decision void for material irregularity; the approval was vitiated for violating principles of natural justice. The Resolution Professional failed in its duty to flag the conflict and statutory bar, warranting IBBI notice and remedial action. Because the statutory framework does not accommodate this situation, the Tribunal found the plan invalid and concluded liquidation is the only viable outcome for the corporate debtor.
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