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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Belated claims in CIRP cannot be reopened after CoC approval merely because plan approval by the Adjudicating Authority is pending, and refusal to condone delay was upheld where the claimant was a commercial entity and its claim was not reflected in the corporate debtor's records. The SARFAESI sale certificate preserved liability only for encumbrances expressly listed in Annexure 1, so no enforceable liability survived in favour of a claimant whose name was absent from that list. An allotment of units made in adjustment of legal fees, without any disbursement by the claimant, did not satisfy the requirement of disbursement against consideration for the time value of money and was not financial debt.
Belated claims in CIRP cannot be reopened after CoC approval merely because plan approval by the Adjudicating Authority is pending, and refusal to condone delay was upheld where the claimant was a commercial entity and its claim was not reflected in the corporate debtor's records. The SARFAESI sale certificate preserved liability only for encumbrances expressly listed in Annexure 1, so no enforceable liability survived in favour of a claimant whose name was absent from that list. An allotment of units made in adjustment of legal fees, without any disbursement by the claimant, did not satisfy the requirement of disbursement against consideration for the time value of money and was not financial debt.
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