Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
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
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
