International transaction characterisation of domestic divestment of support services business rejected; transaction between resident associated enter...
Minimum Import Price restrictions for Black Pepper, Areca-nuts and Apples upheld; procedural laying failure not fatal, notifications to be placed befo...
Transaction value between related persons requires market-equivalent pricing; importer must prove declared value mirrors ordinary international trade ...
Classification of exported insecticides under export tariff affirmed; reclassification and related penalties set aside and MEIS scrip jurisdiction rec...
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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