Search and seizure: abatement of earlier search bars use of prior seized material in later search-based assessments; relief limited to new documents f...
Admission of additional evidence under remand rules must await a meaningful remand report; failure to do so breaches natural justice and mandates rema...
Export Obligation Discharge Certificates for EPCG compliance cannot be questioned by Customs unless DGFT adjudicates and cancels them, so demands quas...
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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