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...
Regulation 31A(11) permits the stakeholders' consultation committee, by the prescribed majority, to propose replacement of a liquidator, and the Adjudicating Authority may assess whether continuation is conducive to liquidation; the liquidator has no proprietary right in office and is not a person aggrieved merely because of removal, so the challenge was not maintainable. On related party status, the Tribunal held that pledged shares not invoked, lender monitoring, observer appointment, escrow oversight, restructuring supervision, and advisory engagement did not by themselves amount to management or policy control under Section 5(24) of the IBC. EARCL was therefore not treated as a related party, and its voting participation was upheld.
Regulation 31A(11) permits the stakeholders' consultation committee, by the prescribed majority, to propose replacement of a liquidator, and the Adjudicating Authority may assess whether continuation is conducive to liquidation; the liquidator has no proprietary right in office and is not a person aggrieved merely because of removal, so the challenge was not maintainable. On related party status, the Tribunal held that pledged shares not invoked, lender monitoring, observer appointment, escrow oversight, restructuring supervision, and advisory engagement did not by themselves amount to management or policy control under Section 5(24) of the IBC. EARCL was therefore not treated as a related party, and its voting participation was upheld.
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