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...
Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
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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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