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...
Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
CIRP-generated surplus cash flow was held not to vest in the successful resolution applicant because the approved resolution plan contained no express provision dealing with that surplus. The Tribunal read clauses 3.9.5, 3.9.8 and 4.1(ii) as covering margin money, fixed deposits and temporary utilisation for foreclosure, but not creating any proprietary right over surplus generated while the corporate debtor remained under the Resolution Professional's control. In the absence of contractual allocation in the plan, the surplus retained its character as part of the insolvency estate and was directed to be distributed under Section 53. That direction was treated as addressing a matter not contemplated by the plan, not as modifying the approved resolution plan.
CIRP-generated surplus cash flow was held not to vest in the successful resolution applicant because the approved resolution plan contained no express provision dealing with that surplus. The Tribunal read clauses 3.9.5, 3.9.8 and 4.1(ii) as covering margin money, fixed deposits and temporary utilisation for foreclosure, but not creating any proprietary right over surplus generated while the corporate debtor remained under the Resolution Professional's control. In the absence of contractual allocation in the plan, the surplus retained its character as part of the insolvency estate and was directed to be distributed under Section 53. That direction was treated as addressing a matter not contemplated by the plan, not as modifying the approved resolution plan.
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