Proceeds of crime: provisional attachment confirmed; equivalent value attachment and acquisition date fair market value upheld, Covid exclusion preser...
Effective service requirement: officers must explore alternative service modes beyond the GST portal and afford personal hearing; non-compliance voids...
Regulation 12A requires a creditor to update its claim when the claim is satisfied, partly or fully, and such updation includes withdrawal where satisfaction leaves no remaining claim; accordingly a satisfied creditor ceases to have voting interest. The IRP/RP has an ongoing administrative duty to verify, collate and update claims but lacks adjudicatory power to finally allow or disallow withdrawal; that competence rests exclusively with the Adjudicating Authority. The impugned dismissal of the IRP's application was set aside and the matter remitted for fresh adjudication of the withdrawal/updation request and attendant issues, with questions on Section 14 and CIRP costs left open.
Regulation 12A requires a creditor to update its claim when the claim is satisfied, partly or fully, and such updation includes withdrawal where satisfaction leaves no remaining claim; accordingly a satisfied creditor ceases to have voting interest. The IRP/RP has an ongoing administrative duty to verify, collate and update claims but lacks adjudicatory power to finally allow or disallow withdrawal; that competence rests exclusively with the Adjudicating Authority. The impugned dismissal of the IRP's application was set aside and the matter remitted for fresh adjudication of the withdrawal/updation request and attendant issues, with questions on Section 14 and CIRP costs left open.
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