Tax determination against deceased proprietor invalid where no notice to legal representative; appeal rejected without addressing jurisdictional defec...
Revocation of GST registration and permission to file blocked returns; conditional defreezing of bank accounts after security and instalment applicati...
Right to access seized electronic evidence: impugned adjudication treated as additional show cause notice, remand for fresh hearing and return of mate...
Revisability of return invalidation communications under tax procedure affirmed, impugned non revisional finding quashed and matter remitted for fresh...
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
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