Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
Insolvency and BankruptcyMarch 30, 2024Case LawsAT
Ownership of leasehold rights over the subject plot - demand for enhanced land cost was raised much before initiation of CIRP - The tribunal held that the demand for enhanced compensation by the respondent was valid and pre-dated the initiation of CIRP. It was emphasized that the respondent's rights could not be overridden by the provisions of the IBC, 2016, without compliance with the original terms of the lease deed. - The tribunal clarified that the clean slate principle does not extend to demands made by public authorities before the initiation of CIRP, especially when such demands pertain to clearing defects in the title of the land itself. - The judgement highlights the balance between the objectives of the IBC, 2016, and the rights of public sector authorities over leased assets.
Ownership of leasehold rights over the subject plot - demand for enhanced land cost was raised much before initiation of CIRP - The tribunal held that the demand for enhanced compensation by the respondent was valid and pre-dated the initiation of CIRP. It was emphasized that the respondent's rights could not be overridden by the provisions of the IBC, 2016, without compliance with the original terms of the lease deed. - The tribunal clarified that the clean slate principle does not extend to demands made by public authorities before the initiation of CIRP, especially when such demands pertain to clearing defects in the title of the land itself. - The judgement highlights the balance between the objectives of the IBC, 2016, and the rights of public sector authorities over leased assets.
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