https://www.taxtmi.com/caselaws?id=363325 The Tribunal found the eligibility criteria for prospective resolution applicants to be arbitrary and unreasonable, particularly the minimum tangible net worth (TNW) requirement. It directed the Resolution Professional (RP) and Committee of Creditors (CoC) to reconsider and revise the criteria, including expertise in the tea industry, and to publish the revised criteria afresh. The Tribunal concluded that it had jurisdiction to entertain the application and emphasized the importance of realistic and reasonable criteria to attract competent applicants for the successful revival of the Corporate Debtor (CD). The application was disposed of with directions to the RP/CoC to act promptly in revising the criteria. en-us Thu, 26 Apr 2018 00:00:00 +0530 Wed, 11 Jul 2018 07:44:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=363325 The Tribunal found the eligibility criteria for prospective resolution applicants to be arbitrary and unreasonable, particularly the minimum tangible net worth (TNW) requirement. It directed the Resolution Professional (RP) and Committee of Creditors (CoC) to reconsider and revise the criteria, including expertise in the tea industry, and to publish the revised criteria afresh. The Tribunal concluded that it had jurisdiction to entertain the application and emphasized the importance of realistic and reasonable criteria to attract competent applicants for the successful revival of the Corporate Debtor (CD). The application was disposed of with directions to the RP/CoC to act promptly in revising the criteria. Case-Laws Insolvency and Bankruptcy Thu, 26 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=363325