Challenge to direction that entire cost be paid by the ...

Appellate Authority Overturns CIRP Admission for NBFC, Questions Cost Allocation; Resolution Professional to Seek Further Ruling.

February 23, 2024

Case Laws Insolvency and Bankruptcy AT

Challenge to direction that entire cost be paid by the Applicant/Appellant - Admission of CIRP set aside - Corporate Debtor was NBFC - NCLAT observed that, in a situation where CIRP has been admitted and there is interim order passed by the Appellate Authority to the effect that in the CIRP no final decision shall be taken with regard to resolution plan since the order was challenged on the ground that CIRP cannot proceed against a NBFC, the CoC and the Resolution professional should have been more cautious in proceeding and incurring costs in the CIRP of the Corporate Debtor. - Resolution Professional allowed to appraoch to the Adjudicating Authority to determine the payment of the remaining costs and whether they should be borne by the Appellant or shared among the CoC members and/or Resolution Professional.

View Source

← Previous Next →

Challenge to direction that entire cost be paid by the ...

Appellate Authority Overturns CIRP Admission for NBFC, Questions Cost Allocation; Resolution Professional to Seek Further Ruling.

February 23, 2024

Case Laws Insolvency and Bankruptcy AT

You may also like:

Scope of CIRP costs - Section 5(13) and Regulation 31 - waterfall mechanism - contract was completed during the CIRP period - The Tribunal emphasized that for a claim to...

TP Adjustment - Allocation of Common Cost - we agree with the TPO’s calculation of allocation based on the direct cost as it is the best suitable basis for allocation of...

The Appellate Tribunal held that the Annual Mine Closure Cost (AMCC) deposited by the Corporate Debtor in an Escrow Account belongs to the Corporate Debtor and cannot be...

Re-determination of the CIRP - The direction to CoC to redetermine the CIRP cost after approval of the Resolution Plan by the CoC is unsustainable - The audited Report...

Clandestine manufacture and recovery of Central Excise Duty along with interest and penalty - suppression of facts and misrepresentation alleged against petitioner -...

Jurisdiction of the Adjudicating Authority (NCLT) to adjudicate upon a closure notice issued prior to the initiation of the Corporate Insolvency Resolution Process...

CIRP - Admission of Section 7 application - The NCLAT addressed the validity and impact of the ex parte arbitral award. It concluded that, irrespective of the award's...

This case deals with transfer pricing adjustments made by the tax authorities regarding international transactions involving sale of Paclitaxel, Disodium Pamidronate,...

The subordinate authority is not empowered to supersede the orders passed by the appellate authority and an administrative discipline requires that the subordinate...

The ITAT ruled that receipts from Business Support Services (BSS) should be deleted from the assessee's taxable income, following binding precedent established in the...

Principles of Natural justice - late filing of return - intent to evade or not - it is the case of petitioner is that various aspects have not been dealt with or...

The Appellant sought payment of its pre-CIRP dues from the Respondent in a manner different from the approved resolution plan, which provided for payment of pre-CIRP...

Direction in original appellate proceeding - Not challenged - it cannot now question the findings of the lower appellate authority based on earlier direction - No...

Scope of NCLT Rules - fees mentioned in Rule 112 read with the definition clause 2(12) does not mention either CIRP costs or the fees to be paid to the IRP or RP. The...

The High Court considered a case involving professional misconduct u/s Clause (7) of the Chartered Accountants Act. The issue was the validity of the Appellate...

Quick Updates: