Retrospective cancellation of charitable registration under section 12AB(4) was unsustainable; related-party benefit allegations did not prove nongenu...
Merger control notice and disclosure rules: Supreme Court limits penalties, rejects reopening of approved combination, and sets aside adverse findings...
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NCLAT analyzed a complex insolvency resolution case involving an assignment agreement and Section 7 application. The Tribunal held that the assignment agreement is partially void regarding immovable property in Tamil Nadu under Section 28 of the Registration Act, but remains valid for other financial assets. The Section 7 application was deemed not time-barred due to continuous debt acknowledgment in balance sheets. The appellant's deposit of principal amount did not discharge the financial creditor's debt, as the amount was not reflective of the debt at the time of application. The Tribunal ultimately upheld the adjudicating authority's order admitting the Section 7 application and disposed of the appeal accordingly.
NCLAT analyzed a complex insolvency resolution case involving an assignment agreement and Section 7 application. The Tribunal held that the assignment agreement is partially void regarding immovable property in Tamil Nadu under Section 28 of the Registration Act, but remains valid for other financial assets. The Section 7 application was deemed not time-barred due to continuous debt acknowledgment in balance sheets. The appellant's deposit of principal amount did not discharge the financial creditor's debt, as the amount was not reflective of the debt at the time of application. The Tribunal ultimately upheld the adjudicating authority's order admitting the Section 7 application and disposed of the appeal accordingly.
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