Service of notice and contractual debt acknowledgment preserved insolvency admission against a corporate guarantor despite limitation and natural just...
Original works exemption excludes standalone boulder transportation, leaving subcontracted railway-project transport services subject to service tax l...
Annual production capacity determinations excluding stenter galleries support refunds for unconstitutional excise levies without an unjust-enrichment ...
Vicarious liability for cheque dishonour requires specific allegations of responsibility and cheque signatory; generic director allegations cannot sus...
IT Resilience Index requires market infrastructure institutions to automate resilience scoring, early warnings, and continuous service-delivery monito...
NCLAT held that the Adjudicating Authority's order excluding 5% margin (capped at fair value) from the corporate debtor's assets in favour of Respondent No.1 was unsustainable and is set aside. The Tribunal found an unenforced equitable mortgage did not convert into trust property; where guarantees, FLC/LC/BGs had devolved or been invoked prior to CIRP and no live guarantees existed, the secured asset remained part of the corporate debtor's estate. The Adjudicating Authority exceeded its limited jurisdiction and could not override the commercial wisdom of the CoC or permit enforcement of security outside liquidation. Distribution to secured creditors shall be pro rata on admitted claims per the CoC's decision.
NCLAT held that the Adjudicating Authority's order excluding 5% margin (capped at fair value) from the corporate debtor's assets in favour of Respondent No.1 was unsustainable and is set aside. The Tribunal found an unenforced equitable mortgage did not convert into trust property; where guarantees, FLC/LC/BGs had devolved or been invoked prior to CIRP and no live guarantees existed, the secured asset remained part of the corporate debtor's estate. The Adjudicating Authority exceeded its limited jurisdiction and could not override the commercial wisdom of the CoC or permit enforcement of security outside liquidation. Distribution to secured creditors shall be pro rata on admitted claims per the CoC's decision.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
