Invoice-based recovery claims remain time-barred despite separate winding-up proceedings, absent valid acknowledgment or part-payment of the disputed ...
Extended limitation fails without specific suppression allegations, while overseas employee secondment remains taxable as manpower supply within norma...
Time-share accommodation classification excludes Club or Association Service where purchasers receive contractual occupancy rights without genuine mem...
CENVAT credit for trading requires reversal, while taxable-service rental credit remains proportionately available and limitation issues await resolut...
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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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