Composite GST notices, mandatory limitation, and same-subject bar: HC upheld valid notices but quashed overlapping proceedings and unauthorised withho...
The AT adjudicated a challenge to a provisional attachment order involving financial institutions and defaulting entities. Following the NCLT's approval of a Resolution Plan for one company and liquidation of another, the Tribunal held that financial institutions cannot claim release of mortgaged properties beyond amounts settled in the Resolution Plan. The Tribunal lacked jurisdiction to resolve inter-se disputes between parties and directed financial institutions to pursue appropriate remedies under applicable statutes. The appeals were disposed of, granting liberty to seek recourse through suitable legal mechanisms, with explicit reference to Section 32A of IBC and Section 8(7) of the Act of 2002.
The AT adjudicated a challenge to a provisional attachment order involving financial institutions and defaulting entities. Following the NCLT's approval of a Resolution Plan for one company and liquidation of another, the Tribunal held that financial institutions cannot claim release of mortgaged properties beyond amounts settled in the Resolution Plan. The Tribunal lacked jurisdiction to resolve inter-se disputes between parties and directed financial institutions to pursue appropriate remedies under applicable statutes. The appeals were disposed of, granting liberty to seek recourse through suitable legal mechanisms, with explicit reference to Section 32A of IBC and Section 8(7) of the Act of 2002.
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