Advance-ruling mechanism governs pending GST classification, exemption and taxability disputes, limiting writ review once the specialised forum functi...
Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
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The NCLAT held that the date of default for invoking proceedings u/s 7 of the Insolvency and Bankruptcy Code (I&B Code) should be reckoned from 01.10.2012, when notices u/s 13(2) of SARFAESI Act were issued to the Corporate Debtor. The One-Time Settlement (OTS)/Compromise decree of 03.01.2020 cannot be considered the date of default, as default occurred when notices were issued and accepted by the Corporate Debtor in 2012. Since the application u/s 7 was filed on 19.07.2020, after the limitation period from the date of default in 2012, the NCLAT dismissed the appeal, holding the proceedings barred by limitation.
The NCLAT held that the date of default for invoking proceedings u/s 7 of the Insolvency and Bankruptcy Code (I&B Code) should be reckoned from 01.10.2012, when notices u/s 13(2) of SARFAESI Act were issued to the Corporate Debtor. The One-Time Settlement (OTS)/Compromise decree of 03.01.2020 cannot be considered the date of default, as default occurred when notices were issued and accepted by the Corporate Debtor in 2012. Since the application u/s 7 was filed on 19.07.2020, after the limitation period from the date of default in 2012, the NCLAT dismissed the appeal, holding the proceedings barred by limitation.
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