Functional comparability governs selection of support-service and IT-enabled service comparables, with verification required for unresolved data and m...
Bank account freezing requires statutory authority; anti-money-laundering compliance and KYC monitoring do not permit unilateral indefinite restrictio...
Whether a regulatory authority's operational creditor claim, arising only after liquidation commencement, could be admitted in liquidation was decided by construing IBC read with Liquidation Process Regulations. Regulations 12 and 13 peg submission/updation of claims and estimation of liabilities strictly "as on the liquidation commencement date," reflecting a statutory freeze of claims and liabilities on that date and excluding post-commencement crystallisation. Since the asserted liability arose from an adjudicatory order passed after liquidation commencement, the liquidator lacked statutory authority to entertain it, and the adjudicating forum rightly affirmed rejection. The appeal challenging non-admission of such post-commencement claim was dismissed. - NCLAT
Whether a regulatory authority's operational creditor claim, arising only after liquidation commencement, could be admitted in liquidation was decided by construing IBC read with Liquidation Process Regulations. Regulations 12 and 13 peg submission/updation of claims and estimation of liabilities strictly "as on the liquidation commencement date," reflecting a statutory freeze of claims and liabilities on that date and excluding post-commencement crystallisation. Since the asserted liability arose from an adjudicatory order passed after liquidation commencement, the liquidator lacked statutory authority to entertain it, and the adjudicating forum rightly affirmed rejection. The appeal challenging non-admission of such post-commencement claim was dismissed. - NCLAT
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