Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
NCLAT upheld the NCLT's refusal to admit a fresh Section 7 application filed by a financial creditor (a banking institution) against the corporate debtor, noting that CIRP had already commenced and was ongoing pursuant to earlier orders, including project-wise CIRP directions for the real estate entity. The Appellate Tribunal found no legal infirmity or jurisdictional error warranting interference with the impugned order. However, it clarified that the applicant may pursue reliefs sought in the pending interlocutory application. NCLAT further recorded that, consistent with the amended CIRP Regulations, the Resolution Professional is at liberty to continue project-wise resolution for the unfinished project in which the applicant claims financial creditor status, including issuance of Information Memorandum and Form G.
NCLAT upheld the NCLT's refusal to admit a fresh Section 7 application filed by a financial creditor (a banking institution) against the corporate debtor, noting that CIRP had already commenced and was ongoing pursuant to earlier orders, including project-wise CIRP directions for the real estate entity. The Appellate Tribunal found no legal infirmity or jurisdictional error warranting interference with the impugned order. However, it clarified that the applicant may pursue reliefs sought in the pending interlocutory application. NCLAT further recorded that, consistent with the amended CIRP Regulations, the Resolution Professional is at liberty to continue project-wise resolution for the unfinished project in which the applicant claims financial creditor status, including issuance of Information Memorandum and Form G.
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