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...
NCLAT addressed whether a demand notice in Form B under Rule 7(1) of the Personal Guarantor Rules, 2019, can itself constitute invocation of a guarantee for purposes of filing under Section 95 of the Code. The Tribunal held that a guarantor is a debtor who is a personal guarantor to the corporate debtor and that the financial creditor must invoke the guarantee prior to issuing a Form B demand; a pre-existing default by the guarantor must exist at the time of that notice. Absence of prior invocation meant no default and the adjudicating authority's admission was set aside.
NCLAT addressed whether a demand notice in Form B under Rule 7(1) of the Personal Guarantor Rules, 2019, can itself constitute invocation of a guarantee for purposes of filing under Section 95 of the Code. The Tribunal held that a guarantor is a debtor who is a personal guarantor to the corporate debtor and that the financial creditor must invoke the guarantee prior to issuing a Form B demand; a pre-existing default by the guarantor must exist at the time of that notice. Absence of prior invocation meant no default and the adjudicating authority's admission was set aside.
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