Topic

Section 3(1)

2 articlesLatest 1 week ago
CoC Approval of Resolution Plan Creates Binding Obligation; Withdrawal Impermissible After NCLT Submission | IBC Sections 30 & 31 : SC
Case Law Analysis
|Supreme Court of India

CoC Approval of Resolution Plan Creates Binding Obligation; Withdrawal Impermissible After NCLT Submission | IBC Sections 30 & 31 : SC

The Supreme Court held that CoC approval of a resolution plan under IBC creates a binding obligation that cannot be withdrawn, even if the corporate debtor's financial position improves. The Court directed the NCLT to expeditiously decide on plan confirmation and competing OTS applications, reinforcing finality of CoC approval and protecting successful resolution applicants.

Section 31 Indian Stamp Act | Collector Lacks Power to Impose Penalty or Direct Recovery; Parking Contracts Are Leases : Punjab & Haryana HC
Case Law Analysis
|Punjab and Haryana High Court

Section 31 Indian Stamp Act | Collector Lacks Power to Impose Penalty or Direct Recovery; Parking Contracts Are Leases : Punjab & Haryana HC

The Punjab & Haryana HC ruled that a Collector under Section 31 Indian Stamp Act can only determine duty, not impose penalties or order recovery. It also held municipal parking contracts are leases under Section 2(16)(c) as they involve letting of tolls, and functus officio does not bar impounding powers. The decision limits revenue authorities' enforcement powers and clarifies stamp duty for public parking arrangements.

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