Provisional attachment of laundered funds and equivalent-value property sustained, with statutory protection limited to pension, gratuity and providen...
Insolvency moratorium does not shield company officers from cheque dishonour prosecution for liability arising before corporate insolvency proceedings...
Advance-ruling mechanism governs pending GST classification, exemption and taxability disputes, limiting writ review once the specialised forum functi...
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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