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...
NCLAT upheld rejection of a society's belated claim in CIRP, holding that it had prior knowledge of the insolvency process, was called upon to file its claim, and had itself recorded that its dispute with the developer was fully and finally settled. In light of the approved resolution plan and the principles in RPS Infrastructure and Essar Steel, the Tribunal held that a delayed claim could not be entertained to reopen the CIRP after CoC approval. The later plea of breach of settlement was treated as an afterthought. As no independent infirmity remained in the resolution plan approval, the Tribunal declined appellate interference and left the plan undisturbed.
NCLAT upheld rejection of a society's belated claim in CIRP, holding that it had prior knowledge of the insolvency process, was called upon to file its claim, and had itself recorded that its dispute with the developer was fully and finally settled. In light of the approved resolution plan and the principles in RPS Infrastructure and Essar Steel, the Tribunal held that a delayed claim could not be entertained to reopen the CIRP after CoC approval. The later plea of breach of settlement was treated as an afterthought. As no independent infirmity remained in the resolution plan approval, the Tribunal declined appellate interference and left the plan undisturbed.
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