Commitment proceedings gain extended timelines, structured defect refiling, and automatic resumption of inquiry after the adjusted completion period e...
Centralised assessment transfer becomes unwarranted once the searched person's assessment is complete, requiring restoration to the appropriate charge...
Co-operative deduction eligibility excludes refund and commercial-bank interest, while qualifying co-operative investments require entity-wise verific...
Enhanced tax rate on surrendered unexplained income applies prospectively, while cash-deposit telescoping requires verification of available surrender...
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Insolvency and BankruptcyApril 15, 2024Case LawsAT
Initiation of CIRP based on a corporate guarantee provided to a consortium of lenders- Validity of deed of Guarantee - The tribunal noted that the guarantee exceeded the statutory limits under Section 186 but highlighted that the corporate debtor and principal borrower were closely linked family businesses. This closeness implied a level of awareness and consent to the risks involved, undermining the appellant's argument for invalidity based on statutory non-compliance. It was established that the deed of guarantee was executed in favor of the trusteeship managing the consortium’s interest, thus granting the lenders, including the respondent bank, the right to enforce the guarantee. The tribunal dismissed the appellant's claim of lack of privity of contract.
Initiation of CIRP based on a corporate guarantee provided to a consortium of lenders- Validity of deed of Guarantee - The tribunal noted that the guarantee exceeded the statutory limits under Section 186 but highlighted that the corporate debtor and principal borrower were closely linked family businesses. This closeness implied a level of awareness and consent to the risks involved, undermining the appellant's argument for invalidity based on statutory non-compliance. It was established that the deed of guarantee was executed in favor of the trusteeship managing the consortium’s interest, thus granting the lenders, including the respondent bank, the right to enforce the guarantee. The tribunal dismissed the appellant's claim of lack of privity of contract.
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