Post-search scrutiny assessment remains available where original assessment limitation is unexpired, permitting timely completion under regular assess...
Independent show-cause notices remain separate proceedings, while customs adjudication challenges should ordinarily follow the statutory appellate rem...
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The appellant, a decree holder, qualifies as a "Financial Creditor" under the Insolvency and Bankruptcy Code (IBC). The settlement agreement recognized the appellant's financial claim, and the decree formalized the respondent's obligation to pay, not altering the underlying financial debt's character. The petition filed by the appellant u/s 7 of the IBC is within the limitation period. The respondent's acknowledgments of debt before the High Court extended the limitation period u/s 18 of the Limitation Act, 1963. The NCLT order dismissing the petition on the ground of limitation is erroneous and liable to be set aside. The appeal is allowed.
The appellant, a decree holder, qualifies as a "Financial Creditor" under the Insolvency and Bankruptcy Code (IBC). The settlement agreement recognized the appellant's financial claim, and the decree formalized the respondent's obligation to pay, not altering the underlying financial debt's character. The petition filed by the appellant u/s 7 of the IBC is within the limitation period. The respondent's acknowledgments of debt before the High Court extended the limitation period u/s 18 of the Limitation Act, 1963. The NCLT order dismissing the petition on the ground of limitation is erroneous and liable to be set aside. The appeal is allowed.
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