The tribunal granted relief regarding the capital structure, ...

Tribunal Approves Restructuring: Clears Debts, Cancels Shares, Exempts Taxes for Bidder's Acquisition.

Case Laws Insolvency and Bankruptcy

September 7, 2024

The tribunal granted relief regarding the capital structure, extinguishing liabilities towards financial and operational creditors, legal proceedings, and taxation matters. Key directives include cancellation of existing equity/preference shares, issuance of new shares to the bidder, extinguishment of unpaid interest/claims of financial creditors, settlement of operational creditor dues from liquidation proceeds, cessation of liabilities/litigation prior to transfer date, and exemption from taxes/levies arising from the acquisition. The income tax authorities were directed to allow representation for past assessments without burdening the corporate debtor/bidder, and tax-neutral adjustment of balancing debit/credit in reserves.

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The tribunal granted relief regarding the capital structure, ...

Tribunal Approves Restructuring: Clears Debts, Cancels Shares, Exempts Taxes for Bidder's Acquisition.

Case Laws Insolvency and Bankruptcy

September 7, 2024

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