https://www.taxtmi.com/caselaws?id=408586 A committee-approved resolution plan was found compliant with the Insolvency and Bankruptcy Code and CIRP Regulations because the adjudicating authority's review was limited to statutory compliance, including eligibility under Section 29A, the requirements of Section 30(2), prescribed contents, stakeholder treatment and filing formalities. The authority reiterated that it cannot interfere with the commercial wisdom of the committee of creditors, and the plan was approved. Concessions and waivers relating to income-tax, capital gains and other statutory liabilities were refused, as such reliefs must be sought before the competent authorities and approval of the plan does not itself waive statutory obligations. en-us Mon, 01 Mar 2021 00:00:00 +0530 Wed, 16 Jun 2021 09:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408586 A committee-approved resolution plan was found compliant with the Insolvency and Bankruptcy Code and CIRP Regulations because the adjudicating authority's review was limited to statutory compliance, including eligibility under Section 29A, the requirements of Section 30(2), prescribed contents, stakeholder treatment and filing formalities. The authority reiterated that it cannot interfere with the commercial wisdom of the committee of creditors, and the plan was approved. Concessions and waivers relating to income-tax, capital gains and other statutory liabilities were refused, as such reliefs must be sought before the competent authorities and approval of the plan does not itself waive statutory obligations. Case-Laws Insolvency and Bankruptcy Mon, 01 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408586