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...
Submission of a repayment plan under the personal guarantor insolvency framework is mandatory, and one-time settlement proposals cannot replace it. Because the personal guarantors admittedly failed to submit any repayment plan despite opportunity, the Tribunal treated the plan as deemed rejected and upheld the creditor's move to initiate bankruptcy under the Code. Co-extensive liability under the guarantee deed was recognised, and objections about dues calculation, earlier settlement efforts, and prior SARFAESI or insolvency events did not defeat the bankruptcy process at this stage. The Tribunal affirmed the maintainability of the bankruptcy applications and sustained initiation of proceedings against the guarantors.
Submission of a repayment plan under the personal guarantor insolvency framework is mandatory, and one-time settlement proposals cannot replace it. Because the personal guarantors admittedly failed to submit any repayment plan despite opportunity, the Tribunal treated the plan as deemed rejected and upheld the creditor's move to initiate bankruptcy under the Code. Co-extensive liability under the guarantee deed was recognised, and objections about dues calculation, earlier settlement efforts, and prior SARFAESI or insolvency events did not defeat the bankruptcy process at this stage. The Tribunal affirmed the maintainability of the bankruptcy applications and sustained initiation of proceedings against the guarantors.
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