Related-party creditor exclusion bars CoC participation where lender rights show policy-making involvement, and post-CIRP assignment cannot cure ineli...
Rectification of apparent typographical errors may proceed without hearing when tax liability, input tax credit, and ruling substance remain unchanged...
Admission of a creditor's claim by a Resolution Professional is an administrative or clerical act of collating claims and does not amount to a conscious, unequivocal acknowledgment of a subsisting debt. An acknowledgment can extend limitation only when made before expiry of the prescribed limitation period. Where limitation had already expired before the insolvency application against a personal guarantor was filed, the Resolution Professional's admission of the claim could not revive or extend the period. The financial creditor's application under Section 95 was therefore barred by limitation, and the admission order was set aside with dismissal of the company petition.
Admission of a creditor's claim by a Resolution Professional is an administrative or clerical act of collating claims and does not amount to a conscious, unequivocal acknowledgment of a subsisting debt. An acknowledgment can extend limitation only when made before expiry of the prescribed limitation period. Where limitation had already expired before the insolvency application against a personal guarantor was filed, the Resolution Professional's admission of the claim could not revive or extend the period. The financial creditor's application under Section 95 was therefore barred by limitation, and the admission order was set aside with dismissal of the company petition.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
