Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
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The NCLAT upheld admission of CIRP and rejected the objection that Tower 5 should be excluded from the Section 7 threshold, holding that the insolvency was initiated for the same real estate project as a whole and that the Adjudicating Authority could examine the total units and applicants accordingly. It held that the IBC moratorium under Section 14 and its overriding effect under Section 238 prevent arbitration or interim orders from obstructing CIRP, and that claims over development rights or termination issues must be considered by the Resolution Professional at the appropriate stage. The Tribunal also held that development rights can form part of the corporate debtor's property under Section 3(27), while the admission order made no conclusive finding on title to Tower 5.
The NCLAT upheld admission of CIRP and rejected the objection that Tower 5 should be excluded from the Section 7 threshold, holding that the insolvency was initiated for the same real estate project as a whole and that the Adjudicating Authority could examine the total units and applicants accordingly. It held that the IBC moratorium under Section 14 and its overriding effect under Section 238 prevent arbitration or interim orders from obstructing CIRP, and that claims over development rights or termination issues must be considered by the Resolution Professional at the appropriate stage. The Tribunal also held that development rights can form part of the corporate debtor's property under Section 3(27), while the admission order made no conclusive finding on title to Tower 5.
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