Tax determination against deceased proprietor invalid where no notice to legal representative; appeal rejected without addressing jurisdictional defec...
Revocation of GST registration and permission to file blocked returns; conditional defreezing of bank accounts after security and instalment applicati...
Right to access seized electronic evidence: impugned adjudication treated as additional show cause notice, remand for fresh hearing and return of mate...
An approved resolution plan that fixes distribution to dissenting financial creditors under Section 30(2)(b) read with Section 53(1) remains binding once approved under Section 31, and the creditor is entitled to the higher of the plan amount or liquidation value. The CoC's commercial wisdom in approving a liquidation-value based distribution mechanism could not be revisited by the Monitoring Committee, whose role was confined to implementation. A later attempt by the Monitoring Committee to reduce the dissenting creditor's entitlement was held to be an impermissible modification of the approved plan. The reliance on India Resurgence ARC v. Amit Metaliks was rejected because the creditor was not seeking anything beyond the CoC-approved liquidation value.
An approved resolution plan that fixes distribution to dissenting financial creditors under Section 30(2)(b) read with Section 53(1) remains binding once approved under Section 31, and the creditor is entitled to the higher of the plan amount or liquidation value. The CoC's commercial wisdom in approving a liquidation-value based distribution mechanism could not be revisited by the Monitoring Committee, whose role was confined to implementation. A later attempt by the Monitoring Committee to reduce the dissenting creditor's entitlement was held to be an impermissible modification of the approved plan. The reliance on India Resurgence ARC v. Amit Metaliks was rejected because the creditor was not seeking anything beyond the CoC-approved liquidation value.
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