Promissory note presumption of consideration survives blank-signature and income-tax non-disclosure objections when admissions and attesting evidence ...
Charitable registration cancellation: limitation and jurisdiction upheld, but withdrawal quashed under discontinued provisions for skill-development e...
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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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