Reopening Assessments invalid where satisfaction and jurisdictional approval are absent for third party seized material, leading to quashing of assess...
Benami property exclusion from the insolvency estate: Benami Act proceedings preclude IBC tribunals from reopening attachments or treating such assets...
The text addresses whether the adjudicatory authority may extend the Personal Insolvency Resolution Process (PIRP) beyond procedural timeline lapses while the statutory moratorium remains time-capped. It reasons that procedural timelines in the applicable regulation (including the 120 day filing requirement) are directory, not automatically fatal, and that the authority retains jurisdiction to permit extensions where stakeholders authorise and sufficient reasons exist; however the moratorium itself cannot be extended beyond its statutory outer limit. The conclusion reversed the rejection of extension applications and permitted adjudication of the repayment plan on the extended PIRP timeline.
The text addresses whether the adjudicatory authority may extend the Personal Insolvency Resolution Process (PIRP) beyond procedural timeline lapses while the statutory moratorium remains time-capped. It reasons that procedural timelines in the applicable regulation (including the 120 day filing requirement) are directory, not automatically fatal, and that the authority retains jurisdiction to permit extensions where stakeholders authorise and sufficient reasons exist; however the moratorium itself cannot be extended beyond its statutory outer limit. The conclusion reversed the rejection of extension applications and permitted adjudication of the repayment plan on the extended PIRP timeline.
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