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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CIRP-generated surplus cash flow was held not to vest in the successful resolution applicant because the approved resolution plan contained no express provision dealing with that surplus. The Tribunal read clauses 3.9.5, 3.9.8 and 4.1(ii) as covering margin money, fixed deposits and temporary utilisation for foreclosure, but not creating any proprietary right over surplus generated while the corporate debtor remained under the Resolution Professional's control. In the absence of contractual allocation in the plan, the surplus retained its character as part of the insolvency estate and was directed to be distributed under Section 53. That direction was treated as addressing a matter not contemplated by the plan, not as modifying the approved resolution plan.
CIRP-generated surplus cash flow was held not to vest in the successful resolution applicant because the approved resolution plan contained no express provision dealing with that surplus. The Tribunal read clauses 3.9.5, 3.9.8 and 4.1(ii) as covering margin money, fixed deposits and temporary utilisation for foreclosure, but not creating any proprietary right over surplus generated while the corporate debtor remained under the Resolution Professional's control. In the absence of contractual allocation in the plan, the surplus retained its character as part of the insolvency estate and was directed to be distributed under Section 53. That direction was treated as addressing a matter not contemplated by the plan, not as modifying the approved resolution plan.
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