NPCI-based bank account validation for IEC applications and modifications enables real-time validation; incorrect details block submission or trigger ...
Creation/Invocation of pledge of securities through depository system: standardized pledge forms, notice requirement and invocation notifications to p...
Calendar Spread margin benefit for Single Stock Derivatives suspended on expiry day for expiring contracts; exchanges must implement systems and rule ...
Proportionate interest, unexplained credits and partner remuneration disputed; proofs of fund nexus and lender identity were decisive and disallowance...
Capital gains valuation from stamp assessment versus net consideration for residential reinvestment: deemed stamp value replaced for gains but not for...
The dominant issue was whether the Adjudicating Authority could cancel a leave and license agreement and usage deed under IBC provisions despite the application lacking specific pleadings invoking Sections 45/46/49. Applying the requirement of section-wise material pleadings for avoidance relief, it was held that Section 49 could not be invoked on a bare Section 66/67 application. However, the agreements were treated as non-est and unenforceable because they were executed after a SARFAESI Section 13(13) restraint, statutorily prohibiting transfer/lease of secured assets; additionally, they were found to have been executed with intent to defraud creditors, justifying contribution under Section 66, including refund of sale proceeds received. Appeal dismissed. - NCLAT
The dominant issue was whether the Adjudicating Authority could cancel a leave and license agreement and usage deed under IBC provisions despite the application lacking specific pleadings invoking Sections 45/46/49. Applying the requirement of section-wise material pleadings for avoidance relief, it was held that Section 49 could not be invoked on a bare Section 66/67 application. However, the agreements were treated as non-est and unenforceable because they were executed after a SARFAESI Section 13(13) restraint, statutorily prohibiting transfer/lease of secured assets; additionally, they were found to have been executed with intent to defraud creditors, justifying contribution under Section 66, including refund of sale proceeds received. Appeal dismissed. - NCLAT
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