Reasonable Cause for Late Return: penalty under section 271(1)(c) unsustainable where disclosure, audit filing and voluntary offer showed no concealme...
Amendments redefine "fair value" as estimated realizable value of the corporate debtor or its assets on the insolvency commencement date and require the resolution professional to appoint two sets of registered valuers within specified timelines to determine fair value and liquidation value. Valuation procedure mandates asset-class valuers with a coordinating valuer, a pre valuation meeting, physical verification, valuation reports per Board format, a third set where estimates differ by 25% or on committee request, and averaging of the two closest estimates for final fair value and liquidation value. Information memorandum disclosures are expanded to include receivables, joint development arrangements, attached assets and details of allottees; resolution plans must address allottees who have not filed claims.
Amendments redefine "fair value" as estimated realizable value of the corporate debtor or its assets on the insolvency commencement date and require the resolution professional to appoint two sets of registered valuers within specified timelines to determine fair value and liquidation value. Valuation procedure mandates asset-class valuers with a coordinating valuer, a pre valuation meeting, physical verification, valuation reports per Board format, a third set where estimates differ by 25% or on committee request, and averaging of the two closest estimates for final fair value and liquidation value. Information memorandum disclosures are expanded to include receivables, joint development arrangements, attached assets and details of allottees; resolution plans must address allottees who have not filed claims.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
