The Appellate Tribunal upheld the Adjudicating Authority's order ...

Tribunal Upholds Decision Against RP for Bias, Imposes Rs. 10 Lakh Penalty; Orders IBBI Investigation into Conduct.

September 20, 2024

Case Laws IBC AT

The Appellate Tribunal upheld the Adjudicating Authority's order and dismissed the appeal filed by the Resolution Professional (RP) against the Operational Creditor. The key points are: The RP acted in a biased manner by rejecting the Operational Creditor's claims and accepting an Unsecured Financial Creditor's claim of a paltry sum, making the latter the sole member of the Committee of Creditors (CoC). The Adjudicating Authority rightly observed that the RP's conduct needs thorough investigation. The IBBI is directed to investigate the RP's role and take necessary action. The RP is imposed a cost of Rs. 10 lakhs. The Unsecured Financial Creditor's claim of Rs. 1,05,877/- was filed after CIRP initiation, raising suspicions of backdating and unstamped documents. The Operational Creditor's claims were crystallized and admitted during CIRP initiation, and their rejection by the RP is questionable.

View Source

← Previous Next →

The Appellate Tribunal upheld the Adjudicating Authority's order ...

Tribunal Upholds Decision Against RP for Bias, Imposes Rs. 10 Lakh Penalty; Orders IBBI Investigation into Conduct.

September 20, 2024

Case Laws IBC AT

You may also like:

Rejection of declared transaction value under Valuation Rule 12, re-determination of value under Valuation Rules 4-9. Commissioner followed Rule 9, adopted actual values...

Contravention of Sections 8(1) and 9(1)(f)(i) of the Foreign Exchange Regulation Act, 1973 - receiving foreign exchange payments in 1996-97 through fake export documents...

The case involved a violation of the FEMA Act due to accepting and placing bets on cricket matches for clients. The appellant was linked to the raided premises where...

Imported material diverted to unit other than permitted unit, resulting in contravention of import-export policy provisions. Goods held liable for confiscation u/s 111...

Levy of penalty- Fraudulent issuance of GDRs by the Company - the imposition of penalty upon the appellant after 12 years from date of resigning is excessive. In a large...

Appellant failed to submit required documents within stipulated time for provisional duty assessment, contravening Customs (Provisional Duty Assessment) Regulations,...

The Tribunal reduced the redemption fine and penalty for importing old clothing. Referring to a previous case, it upheld confiscation due to non-compliance but decreased...

CESTAT adjudicated a customs broker (CB) case involving alleged regulatory violations related to export documentation. The tribunal partially allowed the appeal, finding...

Appellate Tribunal reduced penalty imposed on company u/s 50 of FERA, 1973 from Rs.2 crores to Rs.2.5 lakhs for contravention regarding two foreign exchange remittances...

CESTAT upheld reclassification of imported high conductivity copper bus bars from CTI 7407 21 20 to CTI 7407 10 30, resulting in denial of FTA benefits under N/N....

The appellate tribunal examined the penalty imposed on the company and individual for contravention of Section 6(3)(a) of FEMA and Regulations 5, 6, and 13 of the...

Penalty imposed for import of chemicals using fake duty exemption licenses. Appellant claimed exemption under DEPB but used fake licenses and TRAs. Statement of witness...

The Income Tax Appellate Tribunal allowed the assessee's appeal against the reopening of assessment u/s 148A of the Income Tax Act. The Assessing Officer had alleged...

Levy of penalty - Applicability of ration of decision made in the case of co-noticee - in absence of the appeal by revenue against this order the order has acquired...

ICAI's Suggestions for Review of Income Tax Act, 1961: Tax Deducted at Source (TDS) prosecution proceedings are appropriate only where deductors deliberately do not...

Quick Updates: