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Admissibility of Investigation Statements requires witness examination before the adjudicating authority; otherwise statements cannot sustain a penalt...
Transaction value and connected person treatment in excise valuation: proprietary concerns not inter connected undertakings, relief on valuation and c...
Appointment of Registrars as adjudicating officers under Companies Act reallocates territorial jurisdiction and sets appeal route to Regional Director...
Composite supply of drilling services and site specific chemicals characterised as composite supply; prior advance rulings set aside, tax rate left op...
Section 95 insolvency proceedings against a personal guarantor were held time-barred because the creditor's own notice fixed the date of default as 01.08.2012, and limitation under Article 137, as applied through Section 238A of the IBC, runs from a definite default event. The NCLAT held that default under the Code is a specific non-payment when the debt becomes due and payable, and it cannot be treated as continuing merely because the guarantee was said to be continuing under Section 129 of the Contract Act. Neither the arbitral proceedings nor execution of the award extended or suspended limitation. The admission order against the guarantor was quashed and the appeal allowed.
Section 95 insolvency proceedings against a personal guarantor were held time-barred because the creditor's own notice fixed the date of default as 01.08.2012, and limitation under Article 137, as applied through Section 238A of the IBC, runs from a definite default event. The NCLAT held that default under the Code is a specific non-payment when the debt becomes due and payable, and it cannot be treated as continuing merely because the guarantee was said to be continuing under Section 129 of the Contract Act. Neither the arbitral proceedings nor execution of the award extended or suspended limitation. The admission order against the guarantor was quashed and the appeal allowed.
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