PMLA anticipatory bail requires satisfaction of twin conditions, while predicate-offence protection does not extend to independent money-laundering pr...
School-affiliation charges remain taxable where not directly connected with examinations, while extended limitation requires proof of deliberate tax e...
Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
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NCLAT dismissed the company appeal filed by the corporate guarantor, upholding the NCLT, Chennai's admission of a s.7 IBC application. It held that, although on the filing date against the guarantor no CIRP was pending against the principal borrower, by the time the guarantor's petition was heard, the s.7 application against the principal borrower stood registered and pending. Applying s.60(2) IBC, NCLAT ruled that proceedings arising from the same debenture trust deed must be adjudicated before a common forum to avoid conflicting determinations. It rejected the contention that "pendency" under s.60(2) requires commencement of CIRP, holding that initiation and pendency of a s.7 application suffices, and further found that any objection to concurrent territorial jurisdiction had been waived by not being raised at the earliest stage.
NCLAT dismissed the company appeal filed by the corporate guarantor, upholding the NCLT, Chennai's admission of a s.7 IBC application. It held that, although on the filing date against the guarantor no CIRP was pending against the principal borrower, by the time the guarantor's petition was heard, the s.7 application against the principal borrower stood registered and pending. Applying s.60(2) IBC, NCLAT ruled that proceedings arising from the same debenture trust deed must be adjudicated before a common forum to avoid conflicting determinations. It rejected the contention that "pendency" under s.60(2) requires commencement of CIRP, holding that initiation and pendency of a s.7 application suffices, and further found that any objection to concurrent territorial jurisdiction had been waived by not being raised at the earliest stage.
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