Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
Works contract classification governs composite layout-development contracts where VAT-paid goods are transferred alongside construction and infrastru...
Specified income tax exemption for pollution control body remains conditional on non-commercial activity, unchanged income character, and return filin...
Section 31 review of a resolution plan is limited to statutory compliance and procedural fairness; the Adjudicating Authority cannot reappraise CoC commercial wisdom unless the record shows opacity, incomplete disclosure or abuse of CIRP. The Tribunal found the Information Memorandum and process defective because asset values fell, liabilities disappeared, and no proper audit or meaningful disclosure explained the changes or addressed possible avoidance issues. It also recognised an implied duty on a creditor involved in parallel CIRPs to disclose material facts affecting transparency, though non-disclosure is not automatically fatal. On these facts, the plan was rightly rejected and liquidation confirmed.
Section 31 review of a resolution plan is limited to statutory compliance and procedural fairness; the Adjudicating Authority cannot reappraise CoC commercial wisdom unless the record shows opacity, incomplete disclosure or abuse of CIRP. The Tribunal found the Information Memorandum and process defective because asset values fell, liabilities disappeared, and no proper audit or meaningful disclosure explained the changes or addressed possible avoidance issues. It also recognised an implied duty on a creditor involved in parallel CIRPs to disclose material facts affecting transparency, though non-disclosure is not automatically fatal. On these facts, the plan was rightly rejected and liquidation confirmed.
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