Limited scope of processing under section 143(1): enhancement without show cause is unsustainable; remand for residency, taxation and TDS verification...
Extended period of limitation unsustainable; allowable deductions for prompt payment discounts, pro rata recovery, freight and VAT led to demand being...
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The Resolution Plan provides employee payments equal to the higher of twelve months' entitlement or the percentage payable to unsecured financial creditors; the Tribunal found the earmarked sum yields a payout to employees that exceeds the unsecured creditors' percentage, complying with the court-recorded undertaking, and thus no breach was found. The Tribunal further held that, because admitted liquidation value left operational creditors with nil recovery and the plan earmarks sums for employees, the plan meets the statutory floor for operational creditors and the Adjudicating Authority's approval is upheld and the appeal dismissed.
The Resolution Plan provides employee payments equal to the higher of twelve months' entitlement or the percentage payable to unsecured financial creditors; the Tribunal found the earmarked sum yields a payout to employees that exceeds the unsecured creditors' percentage, complying with the court-recorded undertaking, and thus no breach was found. The Tribunal further held that, because admitted liquidation value left operational creditors with nil recovery and the plan earmarks sums for employees, the plan meets the statutory floor for operational creditors and the Adjudicating Authority's approval is upheld and the appeal dismissed.
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