Personal guarantor insolvency jurisdiction follows the corporate debtor's CIRP Bench, enabling inter-territorial transfer and preventing parallel proc...
Section 47-A undervaluation threshold: fraudulent intent requirement faces reconsideration after referral to a larger Bench for authoritative resoluti...
RBI supersession powers over multi-State co-operative banks operate independently of the constitutional six-month ceiling and permit statutory extensi...
Section 129(3) requires a detention-penalty order to be passed within seven days of service of notice. The seven-day period is mandatory, not directory; an order made after that period, including one issued 28 days after notice, breaches the statutory requirement. Such delay vitiates the detention-penalty proceedings, renders the original order void ab initio and a nullity, and leaves no valid basis for an appellate order affirming the penalty.
Section 129(3) requires a detention-penalty order to be passed within seven days of service of notice. The seven-day period is mandatory, not directory; an order made after that period, including one issued 28 days after notice, breaches the statutory requirement. Such delay vitiates the detention-penalty proceedings, renders the original order void ab initio and a nullity, and leaves no valid basis for an appellate order affirming the penalty.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
