Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
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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