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...
Section 95 insolvency proceedings are confined to the individual personal guarantor named in the application, and the creditor may choose the respondent. A person who is neither a guarantor in that proceeding nor a party to the guarantee contract is not a necessary party and has no right of intervention, recall, or stay merely because he asserts coparcenary or succession claims in the property of another deceased guarantor. Those private property claims must be pursued in independent civil remedies, not decided within Section 95 proceedings. The Appellate Tribunal therefore dismissed the company appeals and upheld rejection of the intervention and consequential applications.
Section 95 insolvency proceedings are confined to the individual personal guarantor named in the application, and the creditor may choose the respondent. A person who is neither a guarantor in that proceeding nor a party to the guarantee contract is not a necessary party and has no right of intervention, recall, or stay merely because he asserts coparcenary or succession claims in the property of another deceased guarantor. Those private property claims must be pursued in independent civil remedies, not decided within Section 95 proceedings. The Appellate Tribunal therefore dismissed the company appeals and upheld rejection of the intervention and consequential applications.
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