Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
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...
Operational creditor sought admission of a s.9 application based on invoices, relying on book adjustments and ledger entries to extend limitation and meet the threshold. The tribunal held that any acknowledgement after expiry of the three-year limitation is ineffective, and a journal entry merely transferring historic liabilities between units does not constitute a valid acknowledgement under s.18 nor revive time-barred invoices. A signed balance/ledger confirmation, being ambiguous and lacking an express promise to pay, did not attract s.25(3) of the Contract Act to create a fresh obligation, and interest was disallowed absent contractual terms. Consequently, the operational debt remained time-barred and the threshold finding stood; the appeal was dismissed. - NCLAT
Operational creditor sought admission of a s.9 application based on invoices, relying on book adjustments and ledger entries to extend limitation and meet the threshold. The tribunal held that any acknowledgement after expiry of the three-year limitation is ineffective, and a journal entry merely transferring historic liabilities between units does not constitute a valid acknowledgement under s.18 nor revive time-barred invoices. A signed balance/ledger confirmation, being ambiguous and lacking an express promise to pay, did not attract s.25(3) of the Contract Act to create a fresh obligation, and interest was disallowed absent contractual terms. Consequently, the operational debt remained time-barred and the threshold finding stood; the appeal was dismissed. - NCLAT
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