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...
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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