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The Resolution Plan of the Successful Resolution Applicant could not be approved as it had breached the waterfall mechanism of payments as given under Section 53 of IBC and selectively favoured certain creditors without according any reason for the same and the Plan ineffectively dealt with the interests of all stakeholders of the Corporate Debtor and was non-compliant of Section 30(2)(e) and Section 30(2)(f) of IBC.
Since remanding of a resolution plan back to Committee of Creditors (COC) on the grounds of the procedural deviations raised by a dissenting minority in class of creditors, would render the CIRP a never ending process and was against the time bound resolution objective of the IBC.
Held that Section 48 of the GVAT Act is not contrary to or inconsistent with Section 53 of the IBC. U/s. 53(1)(b)(ii), the debts owed to a secured creditor, which would include the State under the GVAT Act. Accordingly, the Government can claim first charge over the property of the Corporate Debtor
Understand the Sexual Harassment of Women at Workplace Act, 2013. Learn about the definition, Internal Complaints Committee (ICC), Local Complaints Committee (LCC), and the process to file a complaint. Protecting women’s rights and dignity at work.
In the present complaint, Opposite Parties have tampered with original MRP Price of oil sachet and charged extra amount more than MRP.
Government not denuded from running a company holding majority of shareholder. But shareholder independently cannot be made a party for adjudication of the lis.
Held that in a case where there exists an arbitration agreement, the court is under obligation to refer the parties to arbitration in terms of the arbitration agreement.
MINISTRY OF POWER NOTIFICATION New Delhi, the 8th September, 2022 G.S.R. 691(E).—In exercise of the powers conferred by sub-section (1) of section 176 read with sub-sections (2) and (3) of section 166 of the Electricity Act, 2003 (36 of 2003), the Central Government hereby makes the following rules, to amend the Forum of Regulators Rules, […]
These rules may be called the Distribution of Electricity Licence (Additional Requirements of Capital Adequacy, Creditworthiness and Code of Conduct) (Amendment) Rules, 2022.
If suit of Appellant is decreed, the claim being contingent, Appellant shall be entitled to claim from Successful Resolution Applicant