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...
Invocation of a corporate guarantee on 12.02.2020 triggered a fresh cause of action, starting the threeyear limitation period, and balance sheet entries in 202122 and 202324 constituted acknowledgements under Section 18 of the Limitation Act, thereby extending limitation and rendering the petition filed on 14.04.2025 timely. The insolvency petition's Form1 contained pleaded particulars of debt and date of default; the Adjudicating Authority correctly treated the application as complete and admitted it. Realisations recorded in liquidation and a related corporate guarantor's resolution process were public and did not amount to suppression. The appellate tribunal dismissed the challenge to admission.
Invocation of a corporate guarantee on 12.02.2020 triggered a fresh cause of action, starting the threeyear limitation period, and balance sheet entries in 202122 and 202324 constituted acknowledgements under Section 18 of the Limitation Act, thereby extending limitation and rendering the petition filed on 14.04.2025 timely. The insolvency petition's Form1 contained pleaded particulars of debt and date of default; the Adjudicating Authority correctly treated the application as complete and admitted it. Realisations recorded in liquidation and a related corporate guarantor's resolution process were public and did not amount to suppression. The appellate tribunal dismissed the challenge to admission.
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