Educational approval requires mandatory State registration, but incidental surplus and trustee-owned land do not prove private benefit or profit motiv...
Judicial review of settlement orders cannot reopen settled customs notices, while statutory interest remains subject to verification and quantificatio...
Customs Broker licence lending for consideration justified revocation where exporter authorisation and client verification obligations were also breac...
Fraudulent import documents suspend limitation protection, while redemption of confiscated goods requires duty and interest despite bona fide purchase...
ODR arbitration participation remains mandatory after failed conciliation, while jurisdictional and maintainability objections stay available before t...
Transparency in technical bid evaluation requires disclosed standards and recorded reasons; opaque scoring invalidated tender awards and required fres...
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Insolvency and BankruptcyApril 15, 2024Case LawsTri
Maintainability of petition seeking initiation of CIRP against Personal Guarantor/Respondent - invocation of Bank guarantee and time limitation - The case involved an application u/s 95 of the IBC by a Financial Creditor against a Personal Guarantor for recovery of outstanding debt. The Tribunal examined the validity of guarantees, notice of demand, limitation period, and the effect of CIRP against the Principal Borrower. It upheld the validity of guarantees, affirmed the notice of demand, and ruled the Company Petition as rejected due to being filed beyond the limitation period. The Tribunal also confirmed the constitutional validity of relevant IBC sections.
Maintainability of petition seeking initiation of CIRP against Personal Guarantor/Respondent - invocation of Bank guarantee and time limitation - The case involved an application u/s 95 of the IBC by a Financial Creditor against a Personal Guarantor for recovery of outstanding debt. The Tribunal examined the validity of guarantees, notice of demand, limitation period, and the effect of CIRP against the Principal Borrower. It upheld the validity of guarantees, affirmed the notice of demand, and ruled the Company Petition as rejected due to being filed beyond the limitation period. The Tribunal also confirmed the constitutional validity of relevant IBC sections.
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