Indirect corporate control can create related-party status, excluding financial creditors from Committee of Creditors representation, participation an...
Scientific research association approval requires continuing SIRO status, annual donation reporting, and donor certificates for the approved foundatio...
Scientific research institution approval is conditional on SIRO recognition, annual donation reporting, donor certification, and prescribed compliance...
The NCLAT dismissed the appeal and upheld the NCLT order, ruling that u/s 14 of the IBC, 2016, a security deposit lying with a third party cannot be adjusted against pre-CIRP dues during the moratorium period. The IBC prohibits any action to recover or enforce security interests created by the corporate debtor before CIRP admission. The corporate debtor must continue as a going concern, with essential supplies permitted subject to payment of current dues arising during moratorium. Recovery of past dues is prohibited, and creditors must file claims following the specified procedure. Adjusting the security deposit against pre-CIRP dues would contravene the IBC's provisions and the Supreme Court's guidance in upholding the IBC's primacy.
The NCLAT dismissed the appeal and upheld the NCLT order, ruling that u/s 14 of the IBC, 2016, a security deposit lying with a third party cannot be adjusted against pre-CIRP dues during the moratorium period. The IBC prohibits any action to recover or enforce security interests created by the corporate debtor before CIRP admission. The corporate debtor must continue as a going concern, with essential supplies permitted subject to payment of current dues arising during moratorium. Recovery of past dues is prohibited, and creditors must file claims following the specified procedure. Adjusting the security deposit against pre-CIRP dues would contravene the IBC's provisions and the Supreme Court's guidance in upholding the IBC's primacy.
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TaxTMI 
TaxTMI 
