Religious purpose exclusion versus charitable purpose: non overriding religious objects do not attract Explanation 3, registration directed under sect...
Search-assessment proviso jurisdiction, time-barred valuation reports, and denial of cross-examination vitiate valuation-based and confession-based ad...
Proceeds of crime: provisional attachment confirmed; equivalent value attachment and acquisition date fair market value upheld, Covid exclusion preser...
Approval of a corporate debtor's resolution plan was held not to ipso facto discharge a third-party security provider/surety from contractual liability. The plan expressly preserved financial creditors' rights against third parties, including existing promoters/security providers, in respect of the "unsustainable debt," while stipulating that any claim by such third parties against the corporate debtor or resolution applicant arising from invocation/enforcement of the security would be settled at NIL value. On this construction, the plan did not extinguish the entire debt so as to bar creditor claims against the third-party security provider. The appeal was dismissed. - SC
Approval of a corporate debtor's resolution plan was held not to ipso facto discharge a third-party security provider/surety from contractual liability. The plan expressly preserved financial creditors' rights against third parties, including existing promoters/security providers, in respect of the "unsustainable debt," while stipulating that any claim by such third parties against the corporate debtor or resolution applicant arising from invocation/enforcement of the security would be settled at NIL value. On this construction, the plan did not extinguish the entire debt so as to bar creditor claims against the third-party security provider. The appeal was dismissed. - SC
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