Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
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...
Insolvency and BankruptcyApril 22, 2024Case LawsAT
Admission of Section 7 Application of the Financial Creditor - Corporate Debtor / Guarantor failed to fulfil obligations - The tribunal noted the specifics of the guarantee, where the corporate guarantor's liability was capped to the value of the collateral lands. However, it pointed out that the guarantee remains in effect and binds the guarantor to fulfill the obligations if the principal borrower defaults. Ultimately, the tribunal found no legal infirmity in the decision of the lower tribunal (NCLT) to admit the CIRP application against the corporate guarantor.
Admission of Section 7 Application of the Financial Creditor - Corporate Debtor / Guarantor failed to fulfil obligations - The tribunal noted the specifics of the guarantee, where the corporate guarantor's liability was capped to the value of the collateral lands. However, it pointed out that the guarantee remains in effect and binds the guarantor to fulfill the obligations if the principal borrower defaults. Ultimately, the tribunal found no legal infirmity in the decision of the lower tribunal (NCLT) to admit the CIRP application against the corporate guarantor.
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