Cash routed to non-existent firm deemed proceeds of crime; laundered funds and properties attachable, provisional attachments confirmed; two accounts ...
Continuation of Section 73 service-tax proceedings after provider's death (construing s.65(7)) - held to abate; posthumous OIO and recoveries invalida...
Change of corporate management after approved resolution plan - writ maintainable; property attachment not 'transfer' under PBPT; Section 32A protecti...
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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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