Attachment and proclamation of sale of immovable property: limitation treated from financial year end; proclamation held within period, petition dismi...
Second Schedule attachment and validity of a post-notice mortgage: TRO cannot declare mortgage void ab initio; sale and appropriation allowed thereaft...
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...
The Tribunal held that homebuyers as a class of creditors met the quantitative threshold for initiating a Section 7 application because the corporate debtor's developed-share entitlement produced sufficient allotted units; therefore the Section 7 petition should not have been dismissed on threshold grounds. The Tribunal treated the development agreement allocation (18% share) and actual units sold by the corporate debtor as relevant to eligibility at filing, and concluded the threshold is assessed at filing rather than later-consequence: remand to the Adjudicating Authority. The Tribunal also noted maintainability of proceedings against related landowner/developer parties forming the same project and recorded ex parte conduct by the corporate debtor, without deciding merits.
The Tribunal held that homebuyers as a class of creditors met the quantitative threshold for initiating a Section 7 application because the corporate debtor's developed-share entitlement produced sufficient allotted units; therefore the Section 7 petition should not have been dismissed on threshold grounds. The Tribunal treated the development agreement allocation (18% share) and actual units sold by the corporate debtor as relevant to eligibility at filing, and concluded the threshold is assessed at filing rather than later-consequence: remand to the Adjudicating Authority. The Tribunal also noted maintainability of proceedings against related landowner/developer parties forming the same project and recorded ex parte conduct by the corporate debtor, without deciding merits.
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