Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
Goods Transport Agency services via e commerce portals: consignment note creates custody and liability and enables exemption for unregistered recipien...
The dominant issue was whether a financial creditor's claim in the corporate debtor's CIRP could be rejected merely because the creditor had not invoked the corporate guarantee. Relying on SC precedent distinguishing "claim", "debt" and "default", and holding that enforceability impediments (including moratorium) or non-arising of cause of action to invoke the guarantee do not negate the existence of a claim, the tribunal held that invocation of the guarantee is not a precondition to admission of the claim. Consequently, the impugned order was set aside and the resolution professional was directed to verify and admit the creditor's claim without requiring proof of guarantee invocation; the appeal was allowed. - NCLAT
The dominant issue was whether a financial creditor's claim in the corporate debtor's CIRP could be rejected merely because the creditor had not invoked the corporate guarantee. Relying on SC precedent distinguishing "claim", "debt" and "default", and holding that enforceability impediments (including moratorium) or non-arising of cause of action to invoke the guarantee do not negate the existence of a claim, the tribunal held that invocation of the guarantee is not a precondition to admission of the claim. Consequently, the impugned order was set aside and the resolution professional was directed to verify and admit the creditor's claim without requiring proof of guarantee invocation; the appeal was allowed. - NCLAT
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