Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
Goods Transport Agency services via e commerce portals: consignment note creates custody and liability and enables exemption for unregistered recipien...
Reverse charge and assignment of royalty collection: exemption for excess royalty collectors subject to reconciliation; leaseholders remain liable und...
Withdrawal of a Section 9 insolvency petition on the basis of settlement brings the lis to an end, and restoration is not maintainable unless the withdrawal order expressly reserves that liberty. The NCLAT held that a settlement, once acted on through consensual withdrawal, is executable as a concluded arrangement, but the law of restoration applicable to dismissed-for-default matters does not apply. Breach of settlement terms does not amount to a fresh operational debt default justifying revival of the concluded insolvency proceeding; the proper remedy lies in enforcement or recovery before the appropriate forum in accordance with law. The appeal against rejection of restoration was therefore upheld.
Withdrawal of a Section 9 insolvency petition on the basis of settlement brings the lis to an end, and restoration is not maintainable unless the withdrawal order expressly reserves that liberty. The NCLAT held that a settlement, once acted on through consensual withdrawal, is executable as a concluded arrangement, but the law of restoration applicable to dismissed-for-default matters does not apply. Breach of settlement terms does not amount to a fresh operational debt default justifying revival of the concluded insolvency proceeding; the proper remedy lies in enforcement or recovery before the appropriate forum in accordance with law. The appeal against rejection of restoration was therefore upheld.
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