Unlawful outward remittances via Hawala using proforma invoices and electronic records proved; documents admitted, directors penalised, penalties redu...
Attachment of equivalent-value properties as proceeds of crime upheld; preventive attachment order and confirmation sustained; no independent ED reinv...
Broker trading-system "technical glitch" redefinition and narrowed incident-reporting regime for large IBT/STWT brokers requiring 2-hr notice and 14-w...
The dominant issue was whether the applicant qualified as a financial creditor on the basis of an alleged corporate guarantee. The tribunal held that no valid and enforceable guarantee was proved because reliance on a master loan clause, absent a separate guarantee deed, prior invocation, or authorising board resolution, did not establish a binding guarantee or a financial debt under s. 5(8)(i) IBC; accordingly, the claim was rightly rejected. It further held that the claim was time-barred and could not be entertained after resolution plan approval, and that filing the same admitted debt in two CIRPs without safeguards against double recovery was impermissible duplication; hence the appeal was dismissed - NCLAT
The dominant issue was whether the applicant qualified as a financial creditor on the basis of an alleged corporate guarantee. The tribunal held that no valid and enforceable guarantee was proved because reliance on a master loan clause, absent a separate guarantee deed, prior invocation, or authorising board resolution, did not establish a binding guarantee or a financial debt under s. 5(8)(i) IBC; accordingly, the claim was rightly rejected. It further held that the claim was time-barred and could not be entertained after resolution plan approval, and that filing the same admitted debt in two CIRPs without safeguards against double recovery was impermissible duplication; hence the appeal was dismissed - NCLAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4814 
Join Channel 
