Time Relevance of Expense: commission deductible when incurred; restructuring transfers, lease obligations upheld; unenforceable sale agreement bars l...
Abuse of dominant position allegations against an exchange found not prima facie; regulator reliance on sectoral expertise upheld and no investigation...
A consortium under a resolution process could not be reconstituted after the original resolution plan had already been approved by the CoC. The Tribunal held that the RFRP clause permitting a change in consortium applied only before plan approval, because eligibility, financial strength, feasibility and viability had already been assessed on the original consortium and its consortium agreement. Induction of a new member with a substantial shareholding after approval created a reconstituted applicant outside the final list of prospective resolution applicants, contrary to the RFRP and the CIRP framework. The plea based on CoC commercial wisdom was rejected, as judicial deference does not extend to plans that fail statutory and process compliance. The remand for reconsideration was upheld.
A consortium under a resolution process could not be reconstituted after the original resolution plan had already been approved by the CoC. The Tribunal held that the RFRP clause permitting a change in consortium applied only before plan approval, because eligibility, financial strength, feasibility and viability had already been assessed on the original consortium and its consortium agreement. Induction of a new member with a substantial shareholding after approval created a reconstituted applicant outside the final list of prospective resolution applicants, contrary to the RFRP and the CIRP framework. The plea based on CoC commercial wisdom was rejected, as judicial deference does not extend to plans that fail statutory and process compliance. The remand for reconsideration was upheld.
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