Provisional attachment of laundered funds and equivalent-value property sustained, with statutory protection limited to pension, gratuity and providen...
Insolvency moratorium does not shield company officers from cheque dishonour prosecution for liability arising before corporate insolvency proceedings...
Advance-ruling mechanism governs pending GST classification, exemption and taxability disputes, limiting writ review once the specialised forum functi...
Judicially fixed interest at 9% per annum on balance loan dues was maintained after the principal and substantial interest had been repaid and the insolvency admission was set aside. Although loan terms ordinarily bind parties, judicial relief may be moulded for the nature and circumstances of insolvency proceedings. Replacing that rate with contractual default interest of 3% per month would have converted closed corporate insolvency resolution proceedings into a recovery mechanism, contrary to the Code's objectives. Supreme Court liberty to seek modification conferred no entitlement to enhanced interest; any contractual claim may be pursued before the forum specified in the loan agreement. The modification application was dismissed.
Judicially fixed interest at 9% per annum on balance loan dues was maintained after the principal and substantial interest had been repaid and the insolvency admission was set aside. Although loan terms ordinarily bind parties, judicial relief may be moulded for the nature and circumstances of insolvency proceedings. Replacing that rate with contractual default interest of 3% per month would have converted closed corporate insolvency resolution proceedings into a recovery mechanism, contrary to the Code's objectives. Supreme Court liberty to seek modification conferred no entitlement to enhanced interest; any contractual claim may be pursued before the forum specified in the loan agreement. The modification application was dismissed.
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