Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
Goods Transport Agency services via e commerce portals: consignment note creates custody and liability and enables exemption for unregistered recipien...
Reverse charge and assignment of royalty collection: exemption for excess royalty collectors subject to reconciliation; leaseholders remain liable und...
Personal guarantors disputed admission of an insolvency application under s.95 IBC by claiming full repayment, faulty verification in the s.99 report, pendency of DRT recovery proceedings, and defective notice. Guarantor liability was held to continue for the unpaid balance because an approved resolution plan binds stakeholders under s.31 IBC and, absent an express discharge, guarantors remain co-extensively liable under s.128 Contract Act; no no-dues/settlement/novation or other extinguishment document was proved, so the plea of discharge failed. Pendency of DRT proceedings was held not to bar s.95 action, so admission was upheld. Alleged notice/verification lapses caused no prejudice where debt and default stood established, so the appeals were dismissed. - NCLAT
Personal guarantors disputed admission of an insolvency application under s.95 IBC by claiming full repayment, faulty verification in the s.99 report, pendency of DRT recovery proceedings, and defective notice. Guarantor liability was held to continue for the unpaid balance because an approved resolution plan binds stakeholders under s.31 IBC and, absent an express discharge, guarantors remain co-extensively liable under s.128 Contract Act; no no-dues/settlement/novation or other extinguishment document was proved, so the plea of discharge failed. Pendency of DRT proceedings was held not to bar s.95 action, so admission was upheld. Alleged notice/verification lapses caused no prejudice where debt and default stood established, so the appeals were dismissed. - NCLAT
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