Retrospective application of beneficial circulars upheld, binding officers and granting post adjudication relief where adjudication occurred after cir...
Admissibility of Investigation Statements requires witness examination before the adjudicating authority; otherwise statements cannot sustain a penalt...
Transaction value and connected person treatment in excise valuation: proprietary concerns not inter connected undertakings, relief on valuation and c...
Appointment of Registrars as adjudicating officers under Companies Act reallocates territorial jurisdiction and sets appeal route to Regional Director...
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NCLAT held that Regulation 39(1B)(b) does not bar consideration of a resolution plan merely because an additional member is inducted into an already shortlisted consortium, since a consortium is not treated as a new "person" under Section 3(23). The tribunal found no evidence that the plan was belated or that the inducted member was ineligible under Section 29A, and noted that the induction could improve the consortium's financial viability and value for the corporate debtor. As evaluation and negotiation of resolution plans lie within the CoC's commercial wisdom, and no statutory prohibition was shown, the challenge to the plan's consideration was rejected and the order upheld.
NCLAT held that Regulation 39(1B)(b) does not bar consideration of a resolution plan merely because an additional member is inducted into an already shortlisted consortium, since a consortium is not treated as a new "person" under Section 3(23). The tribunal found no evidence that the plan was belated or that the inducted member was ineligible under Section 29A, and noted that the induction could improve the consortium's financial viability and value for the corporate debtor. As evaluation and negotiation of resolution plans lie within the CoC's commercial wisdom, and no statutory prohibition was shown, the challenge to the plan's consideration was rejected and the order upheld.
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