Business upkeep expenses despite no revenue, director's interest-free advances, and property gift additions-disallowances and notional interest delete...
Insolvency resolution plan's loan assignment between approving and dissenting creditors: post-approval redistribution blocked; original distribution e...
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Petitions under s.94 IBC were dismissed for failure to serve copies on the resolution professional (RP) and for non-filing of the s.99 report. The tribunal held that RP's failure to file the report cannot, by itself, justify dismissal; the Adjudicating Authority must secure the report or replace the RP. However, the petitioners' own non-compliance with directions to serve the RP led to an extended moratorium that materially impaired the creditor's right to enforce the personal guarantee, and granting relief would confer an unmerited further advantage. The invocation of inherent powers under Rule 11 NCLT Rules was upheld; dismissal was confirmed and the appeals were rejected. - NCLAT
Petitions under s.94 IBC were dismissed for failure to serve copies on the resolution professional (RP) and for non-filing of the s.99 report. The tribunal held that RP's failure to file the report cannot, by itself, justify dismissal; the Adjudicating Authority must secure the report or replace the RP. However, the petitioners' own non-compliance with directions to serve the RP led to an extended moratorium that materially impaired the creditor's right to enforce the personal guarantee, and granting relief would confer an unmerited further advantage. The invocation of inherent powers under Rule 11 NCLT Rules was upheld; dismissal was confirmed and the appeals were rejected. - NCLAT
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