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...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
The Appellate Tribunal upheld the dismissal of an application u/s 9 of the Insolvency and Bankruptcy Code due to improper service of notice u/s 8. The notice was issued to Key Managerial Personnel (KMP) of the Corporate Debtor (CD) but not to the CD itself at its registered office as mandated by Rule 5(2)(a) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. Issuing notice u/s 8 on Form 3 to the CD at its registered office is a prerequisite for filing an application u/s 9 by the Operational Creditor (OC). The Tribunal distinguished the cited case as it dealt with a different issue regarding the nomenclature of the company. Consequently, the appeal was dismissed.
The Appellate Tribunal upheld the dismissal of an application u/s 9 of the Insolvency and Bankruptcy Code due to improper service of notice u/s 8. The notice was issued to Key Managerial Personnel (KMP) of the Corporate Debtor (CD) but not to the CD itself at its registered office as mandated by Rule 5(2)(a) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. Issuing notice u/s 8 on Form 3 to the CD at its registered office is a prerequisite for filing an application u/s 9 by the Operational Creditor (OC). The Tribunal distinguished the cited case as it dealt with a different issue regarding the nomenclature of the company. Consequently, the appeal was dismissed.
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