Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Limitation for a personal guarantor's insolvency application begins when the guarantee is invoked. Section 18 of the Limitation Act creates a fresh limitation period only through a written acknowledgment by the party against whom the creditor asserts the right. A personal guarantor cannot rely on unilateral one-time settlement proposals to extend limitation for an application filed by the guarantor; those proposals may operate as admissions usable by the creditor against the guarantor. The Section 94 application was therefore time-barred, and dismissal of both the application and the challenge to the auction notice was upheld.
Limitation for a personal guarantor's insolvency application begins when the guarantee is invoked. Section 18 of the Limitation Act creates a fresh limitation period only through a written acknowledgment by the party against whom the creditor asserts the right. A personal guarantor cannot rely on unilateral one-time settlement proposals to extend limitation for an application filed by the guarantor; those proposals may operate as admissions usable by the creditor against the guarantor. The Section 94 application was therefore time-barred, and dismissal of both the application and the challenge to the auction notice was upheld.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
