International transaction characterisation of domestic divestment of support services business rejected; transaction between resident associated enter...
Minimum Import Price restrictions for Black Pepper, Areca-nuts and Apples upheld; procedural laying failure not fatal, notifications to be placed befo...
Transaction value between related persons requires market-equivalent pricing; importer must prove declared value mirrors ordinary international trade ...
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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