Permanent Establishment and Business Connection: foreign consultancy receipts not attributable where no fixed base or corporate veil piercing establis...
Limitation period commencement and procedural inquiry rules: identity-based limitation upheld; complaints by authorised public servants need not attra...
Issue was whether a creditor could, through an application under s.60(5) IBC, revive a rejected financial claim filed beyond the stipulated period and challenge the rejection after substantial progress of CIRP. Although the record showed acknowledgment of liability in the corporate debtor's balance sheets and emails, and even admissions by a promoter/personal guarantor in parallel insolvency proceedings, the challenge to the RP's rejection was raised nearly a year later, by which time the CoC had approved a resolution plan awaiting adjudication. Reopening or restarting CIRP at that stage was held impermissible; the appeal was dismissed. - NCLAT
Issue was whether a creditor could, through an application under s.60(5) IBC, revive a rejected financial claim filed beyond the stipulated period and challenge the rejection after substantial progress of CIRP. Although the record showed acknowledgment of liability in the corporate debtor's balance sheets and emails, and even admissions by a promoter/personal guarantor in parallel insolvency proceedings, the challenge to the RP's rejection was raised nearly a year later, by which time the CoC had approved a resolution plan awaiting adjudication. Reopening or restarting CIRP at that stage was held impermissible; the appeal was dismissed. - NCLAT
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