Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
NCLAT reversed NCLT's decision regarding creditor classification in corporate insolvency proceedings. The appellant, initially categorized as unsecured creditor, challenged rejection based on non-registration of charge under Section 77 of Companies Act, 2013. NCLAT held that non-registration of charge does not invalidate secured creditor status during resolution process. Section 77(3) obligations apply specifically to liquidators, not Resolution Professionals. The tribunal emphasized that mortgagee rights under Transfer of Property Act remain valid despite non-registration under Companies Act. Reading Sections 3(4) and 3(31) of IBC with Section 77 of Companies Act confirms that charge registration requirement binds only liquidators. Appeal allowed, directing reclassification of appellant as secured financial creditor.
NCLAT reversed NCLT's decision regarding creditor classification in corporate insolvency proceedings. The appellant, initially categorized as unsecured creditor, challenged rejection based on non-registration of charge under Section 77 of Companies Act, 2013. NCLAT held that non-registration of charge does not invalidate secured creditor status during resolution process. Section 77(3) obligations apply specifically to liquidators, not Resolution Professionals. The tribunal emphasized that mortgagee rights under Transfer of Property Act remain valid despite non-registration under Companies Act. Reading Sections 3(4) and 3(31) of IBC with Section 77 of Companies Act confirms that charge registration requirement binds only liquidators. Appeal allowed, directing reclassification of appellant as secured financial creditor.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
