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...
The dominant issue was whether the RP wrongly classified the appellant's CIRP claim under disputed invoices as contingent and denied payment for alleged services/loss of generation. Applying s.18 IBC read with regs. 10, 13(1) and 14 of the CIRP Regulations, the NCLAT held the RP's function is limited to collating and verifying claims on the basis of available documents and does not extend to adjudicating the legality or validity of disputed claims. Since the invoices' legality and the corporate debtor's liability were sub judice before the Allahabad HC and liability was consistently disputed, the claim was contingent on that outcome; the appeal was dismissed.
The dominant issue was whether the RP wrongly classified the appellant's CIRP claim under disputed invoices as contingent and denied payment for alleged services/loss of generation. Applying s.18 IBC read with regs. 10, 13(1) and 14 of the CIRP Regulations, the NCLAT held the RP's function is limited to collating and verifying claims on the basis of available documents and does not extend to adjudicating the legality or validity of disputed claims. Since the invoices' legality and the corporate debtor's liability were sub judice before the Allahabad HC and liability was consistently disputed, the claim was contingent on that outcome; the appeal was dismissed.
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