Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
NCLAT held that a Section 95 application against a personal guarantor was not maintainable where the guarantee had not been invoked before the Form B demand notice. The tribunal ruled that the Adjudicating Authority erred in treating the demand notice itself as invocation, because the legal scheme required the guarantor's liability to arise earlier. It also rejected reliance on an alleged prior invocation notice, since the application did not plead it, the supporting documents did not include it, and reliance on it had been expressly abandoned before the Adjudicating Authority. The admission order was set aside, leaving the creditor free to pursue other remedies available in law.
NCLAT held that a Section 95 application against a personal guarantor was not maintainable where the guarantee had not been invoked before the Form B demand notice. The tribunal ruled that the Adjudicating Authority erred in treating the demand notice itself as invocation, because the legal scheme required the guarantor's liability to arise earlier. It also rejected reliance on an alleged prior invocation notice, since the application did not plead it, the supporting documents did not include it, and reliance on it had been expressly abandoned before the Adjudicating Authority. The admission order was set aside, leaving the creditor free to pursue other remedies available in law.
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