Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
NCLAT held that during an interim moratorium under Section 96 of the Insolvency and Bankruptcy Code, 2016, no additional financial creditor can initiate fresh proceedings against a personal guarantor when legal actions are already underway. The Appellate Tribunal confined its review to the specific grounds presented, finding no apparent error in the lower tribunal's order rejecting subsequent applications. The tribunal emphasized that once proceedings under Section 95 are initiated with an interim moratorium, other creditors are precluded from filing parallel applications. Consequently, the appeal was dismissed for lacking substantive merit, with a recommendation to expedite the existing insolvency proceedings.
NCLAT held that during an interim moratorium under Section 96 of the Insolvency and Bankruptcy Code, 2016, no additional financial creditor can initiate fresh proceedings against a personal guarantor when legal actions are already underway. The Appellate Tribunal confined its review to the specific grounds presented, finding no apparent error in the lower tribunal's order rejecting subsequent applications. The tribunal emphasized that once proceedings under Section 95 are initiated with an interim moratorium, other creditors are precluded from filing parallel applications. Consequently, the appeal was dismissed for lacking substantive merit, with a recommendation to expedite the existing insolvency proceedings.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
