Fair-rent assessment requires consideration of lease terms, valuation principles and prevailing market rent; the certificate was quashed for fresh rev...
Document Identification Number compliance is satisfied when electronically communicated orders are promptly authenticated through a correctly identifi...
Industrial shrimp-feed machinery classification follows its commercial function, placing integrated production plants under the specific industrial fo...
Page of 4801
Press 'Enter' after typing page number.
1081 to 1100 of 96001 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
NCLAT dismissed the appeal challenging the rejection of a Section 9 insolvency application. The operational creditor's default dates (03.05.2020, 15.08.2020, and 01.01.2021) fell within the Section 10A prohibited period under IBC. Consistent with Supreme Court precedent in Ramesh Kymal, the tribunal held that defaults occurring during the specified COVID-19 period cannot form the basis for initiating corporate insolvency resolution proceedings. The tribunal emphasized that the creditor bore the responsibility to amend default dates if required, and the adjudicating authority was not obligated to modify dates sua sponte. Consequently, the Section 9 application was deemed non-maintainable, and the appeal was dismissed without merit.
NCLAT dismissed the appeal challenging the rejection of a Section 9 insolvency application. The operational creditor's default dates (03.05.2020, 15.08.2020, and 01.01.2021) fell within the Section 10A prohibited period under IBC. Consistent with Supreme Court precedent in Ramesh Kymal, the tribunal held that defaults occurring during the specified COVID-19 period cannot form the basis for initiating corporate insolvency resolution proceedings. The tribunal emphasized that the creditor bore the responsibility to amend default dates if required, and the adjudicating authority was not obligated to modify dates sua sponte. Consequently, the Section 9 application was deemed non-maintainable, and the appeal was dismissed without merit.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4801
Join Channel
TaxTMI 
