Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
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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