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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A purposive, see-through construction of Section 29A was applied to assess resolution applicant eligibility, focusing on de facto control, cross-shareholdings, post-resolution asset transfers and retained promoter involvement; on that legal basis the applicant was held disqualified under clause (c) and, on the facts and purposive assessment, clause (j), rendering it ineligible. The Tribunal found deficiencies in CoC/RP material and reasoning and identified a duty on the RP under Regulation 36A to verify eligibility. The Tribunal declined to recall its earlier direction to resume the CIRP from issuance of a fresh Form G and directed continuation while IBBI conducts an independent inquiry into procedural and disclosure issues.
A purposive, see-through construction of Section 29A was applied to assess resolution applicant eligibility, focusing on de facto control, cross-shareholdings, post-resolution asset transfers and retained promoter involvement; on that legal basis the applicant was held disqualified under clause (c) and, on the facts and purposive assessment, clause (j), rendering it ineligible. The Tribunal found deficiencies in CoC/RP material and reasoning and identified a duty on the RP under Regulation 36A to verify eligibility. The Tribunal declined to recall its earlier direction to resume the CIRP from issuance of a fresh Form G and directed continuation while IBBI conducts an independent inquiry into procedural and disclosure issues.
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