Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
Threshold exemption excludes exempt services, while stamp-paper purchases avoid reverse charge; consequential service tax penalties were also set asid...
Employee conflict disclosures and investment restrictions expand with new recusal duties, post-employment limits, and compliance reporting requirement...
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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