Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
Works contract classification governs composite layout-development contracts where VAT-paid goods are transferred alongside construction and infrastru...
Specified income tax exemption for pollution control body remains conditional on non-commercial activity, unchanged income character, and return filin...
Finality of unchallenged personal insolvency resolution orders prevents a personal guarantor from reopening findings at the consequential bankruptcy stage. Where the guarantor was validly proceeded against ex parte in the resolution process, Section 121 does not require fresh prior notice before a bankruptcy order, particularly where the closure application and bankruptcy petition were served. A limitation objection also fails where an earlier SARFAESI demand enforced security interests rather than invoked the guarantee, and the insolvency application was filed within three years of the subsequent Code demand. Separate proceedings against other guarantors remain independent, and new grounds not raised before the Adjudicating Authority cannot ordinarily be introduced in appeal.
Finality of unchallenged personal insolvency resolution orders prevents a personal guarantor from reopening findings at the consequential bankruptcy stage. Where the guarantor was validly proceeded against ex parte in the resolution process, Section 121 does not require fresh prior notice before a bankruptcy order, particularly where the closure application and bankruptcy petition were served. A limitation objection also fails where an earlier SARFAESI demand enforced security interests rather than invoked the guarantee, and the insolvency application was filed within three years of the subsequent Code demand. Separate proceedings against other guarantors remain independent, and new grounds not raised before the Adjudicating Authority cannot ordinarily be introduced in appeal.
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