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...
Institutional incapacity in customs settlement proceedings excludes non-functional quorum periods from statutory disposal timelines, preventing automa...
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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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