Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Insolvency and BankruptcyAugust 13, 2024Case LawsAT
The Appellate Tribunal held that the Performance Bank Guarantee could be invoked during the moratorium period u/s 14 of IBC. Referring to a Supreme Court case, it clarified that the assets of the surety are separate from those of the Corporate Debtor. The Tribunal found that the Guarantee was rightfully invoked as the Contractor failed to complete the Contract within the specified period. The Adjudicating Authority erred in restraining the Appellant from encashing the Guarantee, and the Appeal was allowed.
The Appellate Tribunal held that the Performance Bank Guarantee could be invoked during the moratorium period u/s 14 of IBC. Referring to a Supreme Court case, it clarified that the assets of the surety are separate from those of the Corporate Debtor. The Tribunal found that the Guarantee was rightfully invoked as the Contractor failed to complete the Contract within the specified period. The Adjudicating Authority erred in restraining the Appellant from encashing the Guarantee, and the Appeal was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
