Attachment and proclamation of sale of immovable property: limitation treated from financial year end; proclamation held within period, petition dismi...
Second Schedule attachment and validity of a post-notice mortgage: TRO cannot declare mortgage void ab initio; sale and appropriation allowed thereaft...
Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
HC held that proceedings initiated by the 3rd Respondent before the DRT against the personal guarantor were without jurisdiction, as Section 60(1) IBC mandates that insolvency and related proceedings concerning corporate debtors and their personal guarantors lie before the NCLT. The Court ruled that applications under Section 95(1) are maintainable before NCLT irrespective of pendency of CIRP or liquidation. Consequently, the DRT's order dated 2 May 2022 was declared null and set aside. HC directed the DRT to transfer all pending proceedings in these matters to the NCLT within four weeks, while granting liberty to the 2nd and 3rd Respondents to seek appropriate reliefs before NCLT.
HC held that proceedings initiated by the 3rd Respondent before the DRT against the personal guarantor were without jurisdiction, as Section 60(1) IBC mandates that insolvency and related proceedings concerning corporate debtors and their personal guarantors lie before the NCLT. The Court ruled that applications under Section 95(1) are maintainable before NCLT irrespective of pendency of CIRP or liquidation. Consequently, the DRT's order dated 2 May 2022 was declared null and set aside. HC directed the DRT to transfer all pending proceedings in these matters to the NCLT within four weeks, while granting liberty to the 2nd and 3rd Respondents to seek appropriate reliefs before NCLT.
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