Unlawful outward remittances via Hawala using proforma invoices and electronic records proved; documents admitted, directors penalised, penalties redu...
Attachment of equivalent-value properties as proceeds of crime upheld; preventive attachment order and confirmation sustained; no independent ED reinv...
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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