Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
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NCLAT upheld the Adjudicating Authority's order, holding that the movables and inventory lying in the leased premises formed part of the liquidation estate of the corporate debtor under S.36 IBC. The burden to rebut the presumption of ownership lay on the appellant, who failed to produce credible contemporaneous evidence before the Adjudicating Authority or NCLAT, including invoices supporting the SAP records. NCLAT noted the appellant's prolonged inaction and held there was tacit acquiescence to the corporate debtor's ownership, especially as the appellant, a signatory to the SPA, had opportunity to object during CIRP and liquidation. As the assets were already sold, sale certificate issued, and proceeds distributed, NCLAT found no infirmity or ground for interference and dismissed the appeal.
NCLAT upheld the Adjudicating Authority's order, holding that the movables and inventory lying in the leased premises formed part of the liquidation estate of the corporate debtor under S.36 IBC. The burden to rebut the presumption of ownership lay on the appellant, who failed to produce credible contemporaneous evidence before the Adjudicating Authority or NCLAT, including invoices supporting the SAP records. NCLAT noted the appellant's prolonged inaction and held there was tacit acquiescence to the corporate debtor's ownership, especially as the appellant, a signatory to the SPA, had opportunity to object during CIRP and liquidation. As the assets were already sold, sale certificate issued, and proceeds distributed, NCLAT found no infirmity or ground for interference and dismissed the appeal.
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