Attachment and proclamation of sale of immovable property: limitation treated from financial year end; proclamation held within period, petition dismi...
Second Schedule attachment and validity of a post-notice mortgage: TRO cannot declare mortgage void ab initio; sale and appropriation allowed thereaft...
Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
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...
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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