Form 26AS evidence requires successor-entity accounting verification after business transfer, while invoice-supported related-party advertising expend...
Money-laundering judgment timing requires awaiting the scheduled-offence decision despite continuation of the underlying trial where outcomes directly...
Accredited investor eligibility expands through securities-market exposure, while alternative investment fund disputes require prescribed resolution a...
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The NCLAT set aside the impugned order admitting the Section 7 application, holding that the petition stood withdrawn under the third Proviso to Section 7(1) as amended by the IBC (Amendment) Act, 2020. The original Section 7 application, filed by eight homebuyers prior to the amendment, was required to be modified to meet the threshold of 100 allottees or 10% of total unit holders, which was not complied with. The appellant was directed to honor its settlement proposal by allowing withdrawal of amounts deposited with interest at SBI FD rates within 60 days and reviving allotments canceled by the corporate debtor post-filing, subject to payment of the balance consideration under the Builder Buyer Agreement. The appeal was disposed of accordingly, emphasizing strict adherence to the amended provisions for Section 7 applications.
The NCLAT set aside the impugned order admitting the Section 7 application, holding that the petition stood withdrawn under the third Proviso to Section 7(1) as amended by the IBC (Amendment) Act, 2020. The original Section 7 application, filed by eight homebuyers prior to the amendment, was required to be modified to meet the threshold of 100 allottees or 10% of total unit holders, which was not complied with. The appellant was directed to honor its settlement proposal by allowing withdrawal of amounts deposited with interest at SBI FD rates within 60 days and reviving allotments canceled by the corporate debtor post-filing, subject to payment of the balance consideration under the Builder Buyer Agreement. The appeal was disposed of accordingly, emphasizing strict adherence to the amended provisions for Section 7 applications.
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