Condonation of delay permits statutory appeal restoration where inadequate service explanation prevented consideration of reassessment and taxable-inc...
Limitation in customs appeals permits exclusion for bona fide refund proceedings, enabling restoration of Bill of Entry assessment challenges on merit...
Warehousing permission requires deposit at the designated bonded warehouse; unauthorised diversion triggers confiscation, redemption fine and importer...
Section 96 of the Insolvency and Bankruptcy Code creates an interim moratorium from the filing of an application under Sections 94 or 95 until admission, staying pending debt proceedings and barring fresh legal action on the debt during that period. A money recovery suit filed while that embargo operated was therefore barred by law and liable to rejection under Order VII Rule 11(d). The later insertion of Section 96(4) did not cure an earlier filing, and lack of knowledge of the insolvency proceedings was immaterial because the bar operated by statute. The plaint could not be split against some defendants on a joint and several liability theory once the statutory prohibition applied.
Section 96 of the Insolvency and Bankruptcy Code creates an interim moratorium from the filing of an application under Sections 94 or 95 until admission, staying pending debt proceedings and barring fresh legal action on the debt during that period. A money recovery suit filed while that embargo operated was therefore barred by law and liable to rejection under Order VII Rule 11(d). The later insertion of Section 96(4) did not cure an earlier filing, and lack of knowledge of the insolvency proceedings was immaterial because the bar operated by statute. The plaint could not be split against some defendants on a joint and several liability theory once the statutory prohibition applied.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4796
Join Channel
TaxTMI 
