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...
Section 7 admission was upheld because debt and default were established and the application was procedurally complete; the Adjudicating Authority was not required to investigate the causes of default or creditors' alleged role in delayed disbursal. Rejection of an OTS proposal did not bar initiation of CIRP, as settlement decisions remained within the creditor's commercial discretion. Omission of a specific date of default was not fatal where defaults were otherwise proved, and Section 10A was not attracted because the relevant defaults pre-dated the moratorium. Pending arbitration and allegations of recovery motive did not prevent insolvency proceedings on these facts.
Section 7 admission was upheld because debt and default were established and the application was procedurally complete; the Adjudicating Authority was not required to investigate the causes of default or creditors' alleged role in delayed disbursal. Rejection of an OTS proposal did not bar initiation of CIRP, as settlement decisions remained within the creditor's commercial discretion. Omission of a specific date of default was not fatal where defaults were otherwise proved, and Section 10A was not attracted because the relevant defaults pre-dated the moratorium. Pending arbitration and allegations of recovery motive did not prevent insolvency proceedings on these facts.
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