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...
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Recovery certificate issuance was held to trigger a fresh three-year limitation which, together with judicial exclusion of the period of court-mandated suspension, left residual limitation available. Audited financial statements recording counter guarantee and contingent liability and settlement correspondence were treated as acknowledgments under the Limitation Act, each renewing limitation and rendering the Section 7 insolvency petition timely. Withdrawal of the appellate challenge was permitted after settlement, but closure of the CIRP cannot be effected by appellate withdrawal alone; the financial creditor must pursue the statutory termination route through the insolvency process and the IRP, permitting intervention by other stakeholders.
Recovery certificate issuance was held to trigger a fresh three-year limitation which, together with judicial exclusion of the period of court-mandated suspension, left residual limitation available. Audited financial statements recording counter guarantee and contingent liability and settlement correspondence were treated as acknowledgments under the Limitation Act, each renewing limitation and rendering the Section 7 insolvency petition timely. Withdrawal of the appellate challenge was permitted after settlement, but closure of the CIRP cannot be effected by appellate withdrawal alone; the financial creditor must pursue the statutory termination route through the insolvency process and the IRP, permitting intervention by other stakeholders.
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