Reopening Assessments invalid where satisfaction and jurisdictional approval are absent for third party seized material, leading to quashing of assess...
Benami property exclusion from the insolvency estate: Benami Act proceedings preclude IBC tribunals from reopening attachments or treating such assets...
Exclusion of limitation period: pandemic suspension plus debtor acknowledgement can extend limitation, requiring fresh factfinding on guarantee invoca...
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Limitation for Section 95 insolvency proceedings against a personal guarantor ran from the date of actual invocation of the guarantee under Article 137 of the Limitation Act. Communications dated 29.01.2016 and 30.11.2018 were held not to be loan recall notices or effective invocations, as they only referred to default and possible legal action. The clear invocation occurred only on 03.08.2020, when the creditor expressly called upon the guarantor to pay. The proceedings initiated thereafter were therefore within limitation, and the NCLAT upheld their admission and dismissed the appeal.
Limitation for Section 95 insolvency proceedings against a personal guarantor ran from the date of actual invocation of the guarantee under Article 137 of the Limitation Act. Communications dated 29.01.2016 and 30.11.2018 were held not to be loan recall notices or effective invocations, as they only referred to default and possible legal action. The clear invocation occurred only on 03.08.2020, when the creditor expressly called upon the guarantor to pay. The proceedings initiated thereafter were therefore within limitation, and the NCLAT upheld their admission and dismissed the appeal.
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