Retrospective cancellation of charitable registration under section 12AB(4) was unsustainable; related-party benefit allegations did not prove nongenu...
Merger control notice and disclosure rules: Supreme Court limits penalties, rejects reopening of approved combination, and sets aside adverse findings...
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For insolvency proceedings against personal guarantors, limitation runs from the demand notice invoking the guarantee and the guarantor's failure to pay within the stipulated period, not from the corporate debtor's default record. The Appellate Tribunal held that the notice dated 25.10.2019 validly invoked the personal guarantees, the relevant default date was 24.12.2019, and the Section 95 applications filed on 31.03.2022 were therefore within limitation. It also held that the absence of the revival letter with the original application was irrelevant to limitation, and that the Adjudicating Authority erred in treating the petitions as time-barred or in finding inconsistent default dates. The impugned orders were set aside and the petitions revived for fresh consideration under Section 100.
For insolvency proceedings against personal guarantors, limitation runs from the demand notice invoking the guarantee and the guarantor's failure to pay within the stipulated period, not from the corporate debtor's default record. The Appellate Tribunal held that the notice dated 25.10.2019 validly invoked the personal guarantees, the relevant default date was 24.12.2019, and the Section 95 applications filed on 31.03.2022 were therefore within limitation. It also held that the absence of the revival letter with the original application was irrelevant to limitation, and that the Adjudicating Authority erred in treating the petitions as time-barred or in finding inconsistent default dates. The impugned orders were set aside and the petitions revived for fresh consideration under Section 100.
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