Attachment and proclamation of sale of immovable property: limitation treated from financial year end; proclamation held within period, petition dismi...
Second Schedule attachment and validity of a post-notice mortgage: TRO cannot declare mortgage void ab initio; sale and appropriation allowed thereaft...
Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
Section 14 moratorium under the IB Code applies only to the corporate debtor against whom CIRP has been initiated, so it cannot bar proceedings against a separate principal borrower who is not subject to insolvency proceedings. The Court held that the corporate guarantor's insolvency and possible resolution do not extinguish the borrower's independent liability to the creditor, and the suit could proceed against the borrower. Section 96 interim moratorium for personal guarantors was also confined to the debts of those guarantors and could not be extended to protect the principal borrower. The suit was therefore stayed only against the corporate and personal guarantors, and continued against the borrower.
Section 14 moratorium under the IB Code applies only to the corporate debtor against whom CIRP has been initiated, so it cannot bar proceedings against a separate principal borrower who is not subject to insolvency proceedings. The Court held that the corporate guarantor's insolvency and possible resolution do not extinguish the borrower's independent liability to the creditor, and the suit could proceed against the borrower. Section 96 interim moratorium for personal guarantors was also confined to the debts of those guarantors and could not be extended to protect the principal borrower. The suit was therefore stayed only against the corporate and personal guarantors, and continued against the borrower.
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