Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
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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