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...
The dominant issue was whether a Section 7 application against a corporate guarantor was maintainable when the guarantee deed capped liability at Rs. 75 lakhs, below the Rs. 1 crore threshold under Section 4 IBC. Construing Clauses 1 and 2 strictly as a contractual document, the tribunal held that "not exceeding in the aggregate" fixed an outer ceiling of Rs. 75 lakhs for the entire basket of dues, including principal, interest, and charges, and "all moneys" could not expand liability beyond that cap. Since the capped default could not meet the statutory threshold, the admission order was set aside and CIRP against the corporate guarantor was terminated - NCLAT
The dominant issue was whether a Section 7 application against a corporate guarantor was maintainable when the guarantee deed capped liability at Rs. 75 lakhs, below the Rs. 1 crore threshold under Section 4 IBC. Construing Clauses 1 and 2 strictly as a contractual document, the tribunal held that "not exceeding in the aggregate" fixed an outer ceiling of Rs. 75 lakhs for the entire basket of dues, including principal, interest, and charges, and "all moneys" could not expand liability beyond that cap. Since the capped default could not meet the statutory threshold, the admission order was set aside and CIRP against the corporate guarantor was terminated - NCLAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4824 
Join Channel 
