Reopening Assessments invalid where satisfaction and jurisdictional approval are absent for third party seized material, leading to quashing of assess...
Benami property exclusion from the insolvency estate: Benami Act proceedings preclude IBC tribunals from reopening attachments or treating such assets...
Exclusion of limitation period: pandemic suspension plus debtor acknowledgement can extend limitation, requiring fresh factfinding on guarantee invoca...
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A promoter's restructuring proposal was treated as not being a resolution plan under the I&B Code because it was not submitted in accordance with the CIRP framework, including the expression of interest process and the requirements of Section 30(2). The Appellate Tribunal held that such a proposal could, at best, be considered a Section 12A withdrawal request to financial creditors, not a compliant resolution plan. As no valid plan had been approved, liquidation followed under Section 33(1)(b). The Tribunal also noted that the corporate debtor had already been sold in liquidation and a sale certificate issued, making the appeal infructuous and leaving no effective relief available.
A promoter's restructuring proposal was treated as not being a resolution plan under the I&B Code because it was not submitted in accordance with the CIRP framework, including the expression of interest process and the requirements of Section 30(2). The Appellate Tribunal held that such a proposal could, at best, be considered a Section 12A withdrawal request to financial creditors, not a compliant resolution plan. As no valid plan had been approved, liquidation followed under Section 33(1)(b). The Tribunal also noted that the corporate debtor had already been sold in liquidation and a sale certificate issued, making the appeal infructuous and leaving no effective relief available.
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