https://www.taxtmi.com/news?id=73918 Separate corporate insolvency resolution processes for VIL and VOVL are disputed following reversal of an earlier consolidation direction. Independent processes were preferred because the entities operate in distinct sectors and may require specialised resolution, while creditors' choice was treated as commercial wisdom not ordinarily open to tribunal interference. The dispute also concerns whether foreign oil and gas assets should be treated as VIL assets, against the background of VIL's conversion from co-obligor to corporate guarantor to ring-fence those assets from domestic business liabilities. en-us Tue, 21 Jul 2026 14:01:05 +0530 Tue, 21 Jul 2026 14:01:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=73918 Separate corporate insolvency resolution processes for VIL and VOVL are disputed following reversal of an earlier consolidation direction. Independent processes were preferred because the entities operate in distinct sectors and may require specialised resolution, while creditors' choice was treated as commercial wisdom not ordinarily open to tribunal interference. The dispute also concerns whether foreign oil and gas assets should be treated as VIL assets, against the background of VIL's conversion from co-obligor to corporate guarantor to ring-fence those assets from domestic business liabilities. News - Tue, 21 Jul 2026 14:01:05 +0530 https://www.taxtmi.com/news?id=73918