Natural justice in insolvency-professional discipline requires disclosed material; notices based on extraneous material and ignored defences are vitia...
Development rights transfers treated as immovable property, while construction abatement applies and repeated non-payment permits extended service-tax...
Income Disclosure Scheme immunity and search-material requirements barred further share-transaction additions in unabated assessments under section 15...
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.
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