Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
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A CoC-approved resolution plan remains binding inter se the CoC and the successful resolution applicant even before approval by the adjudicating authority, and cannot be withdrawn or modified after submission for approval. The Tribunal applied Ebix Singapore and State Bank of India v. Consortium of Murarilal Jalan to hold that the CoC had no jurisdiction to authorise the Resolution Professional to seek withdrawal of the pending plan approval application. It further held that post-submission CoC meetings under Regulation 18(2) may deal only with matters not affecting the resolution plan. The order allowing withdrawal on the RP's oral request was set aside, the approval application was revived, and the separate promoter-related application was left open.
A CoC-approved resolution plan remains binding inter se the CoC and the successful resolution applicant even before approval by the adjudicating authority, and cannot be withdrawn or modified after submission for approval. The Tribunal applied Ebix Singapore and State Bank of India v. Consortium of Murarilal Jalan to hold that the CoC had no jurisdiction to authorise the Resolution Professional to seek withdrawal of the pending plan approval application. It further held that post-submission CoC meetings under Regulation 18(2) may deal only with matters not affecting the resolution plan. The order allowing withdrawal on the RP's oral request was set aside, the approval application was revived, and the separate promoter-related application was left open.
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