Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
The NCLAT dismissed the appeal, holding that the insolvency resolution application against the personal guarantor was filed within the prescribed limitation period. The tribunal emphasized that the OTS proposal, though not submitted before the Adjudicating Authority, was a material acknowledgment of debt extending the limitation period. The letter dated 19.03.2018 by the appellant as director acknowledged the debt and the failure of the restructuring agreement, thereby reviving limitation. The limitation period commenced from the expiry of the 60-day notice under Section 13(2) and was extended by the acknowledgment letter, making the application served on 10.05.2022 timely. The appeal lacked merit and was accordingly dismissed.
The NCLAT dismissed the appeal, holding that the insolvency resolution application against the personal guarantor was filed within the prescribed limitation period. The tribunal emphasized that the OTS proposal, though not submitted before the Adjudicating Authority, was a material acknowledgment of debt extending the limitation period. The letter dated 19.03.2018 by the appellant as director acknowledged the debt and the failure of the restructuring agreement, thereby reviving limitation. The limitation period commenced from the expiry of the 60-day notice under Section 13(2) and was extended by the acknowledgment letter, making the application served on 10.05.2022 timely. The appeal lacked merit and was accordingly dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
