Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
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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