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...
Moratorium under the personal insolvency resolution process under Section 101 of the Insolvency and Bankruptcy Code is strictly time-bound and ends automatically on expiry of 180 days from admission or on an order on the repayment plan, whichever is earlier. The High Court held that once that period expires without an operative order on the repayment plan, the statutory embargo ceases by operation of law and does not continue by implication or require further waiting. Creditors then regain ordinary remedies, and execution proceedings against the personal guarantor may proceed. On that basis, the objection to continuation of execution was rejected, attachment was directed over the specified properties excluding the property kept out of consideration, and a Receiver was appointed for sale in accordance with law.
Moratorium under the personal insolvency resolution process under Section 101 of the Insolvency and Bankruptcy Code is strictly time-bound and ends automatically on expiry of 180 days from admission or on an order on the repayment plan, whichever is earlier. The High Court held that once that period expires without an operative order on the repayment plan, the statutory embargo ceases by operation of law and does not continue by implication or require further waiting. Creditors then regain ordinary remedies, and execution proceedings against the personal guarantor may proceed. On that basis, the objection to continuation of execution was rejected, attachment was directed over the specified properties excluding the property kept out of consideration, and a Receiver was appointed for sale in accordance with law.
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