Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
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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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