Mark-to-Market losses on principal-protected debentures are deductible as business expenditure when the obligation is crystallized under mercantile ac...
Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
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NCLAT held that bankruptcy proceedings against personal guarantors were a lawful consequence of an unchallenged order under Section 114(1) of the Insolvency and Bankruptcy Code. Once the repayment-plan stage had been exhausted and no viable plan was submitted, the Adjudicating Authority could proceed under Section 115(2) and Section 121 without issuing a fresh show-cause notice or hearing at the bankruptcy stage. Rule 37 of the NCLT Rules was treated as inapplicable to reopen a process already completed, and the appellants were bound by waiver and finality of the earlier adjudicatory order. The bankruptcy order was therefore upheld.
NCLAT held that bankruptcy proceedings against personal guarantors were a lawful consequence of an unchallenged order under Section 114(1) of the Insolvency and Bankruptcy Code. Once the repayment-plan stage had been exhausted and no viable plan was submitted, the Adjudicating Authority could proceed under Section 115(2) and Section 121 without issuing a fresh show-cause notice or hearing at the bankruptcy stage. Rule 37 of the NCLT Rules was treated as inapplicable to reopen a process already completed, and the appellants were bound by waiver and finality of the earlier adjudicatory order. The bankruptcy order was therefore upheld.
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