Personal liberty safeguards restrict arrest after court-directed GST appearance, requiring interim release where authorities overreach pending proceed...
Alternative statutory remedy and delay bar GST writ challenges despite pending rectification, while distinct subject matter permits parallel proceedin...
Unverified Insight Portal Information Cannot Justify Reassessment Without a Verified Taxpayer-Specific Income-Escape Nexus or Demonstrated Application...
Assessing Officer jurisdiction after statutory transfer invalidates reassessment notices issued by transferor officers and nullifies resulting proceed...
Consequential appeal-effect orders must implement rectification deleting working-capital adjustments and reconsider the resulting arm's-length range c...
Discounted cash flow valuation protects share premium where projections are reasonable, while audited book expenses defeat unexplained-expenditure add...
Insolvency and BankruptcyAugust 9, 2024Case LawsHC
The Resolution Plan excludes personal guarantors, limiting the assignment of debt and security interests to the corporate debtor only. Consequently, the assignee NBFC cannot recover debt from guarantors, as they are excluded from the Resolution Plan and assignment process. The surviving liability for debt is retained by the original financial creditors, including the bank, to be exercised solely against the guarantors. The corporate debtor is absolved by law under the Resolution Plan, while the assignee never acquires the right to recover from guarantors. The debt survives only between financial creditors/bank and guarantors. Despite account classification as NPA, borrowers can regularize accounts by repaying loans. Conversely, failure to repay despite means can lead to Wilful Defaulter declaration under RBI guidelines. The HC allows the petition, setting aside the decision confirming the petitioner as a Wilful Defaulter.
The Resolution Plan excludes personal guarantors, limiting the assignment of debt and security interests to the corporate debtor only. Consequently, the assignee NBFC cannot recover debt from guarantors, as they are excluded from the Resolution Plan and assignment process. The surviving liability for debt is retained by the original financial creditors, including the bank, to be exercised solely against the guarantors. The corporate debtor is absolved by law under the Resolution Plan, while the assignee never acquires the right to recover from guarantors. The debt survives only between financial creditors/bank and guarantors. Despite account classification as NPA, borrowers can regularize accounts by repaying loans. Conversely, failure to repay despite means can lead to Wilful Defaulter declaration under RBI guidelines. The HC allows the petition, setting aside the decision confirming the petitioner as a Wilful Defaulter.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
