Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
A prior Section 95 application had already triggered the statutory interim moratorium, so a later personal insolvency application filed during that subsisting moratorium was non-est in law and could not create a fresh Section 96 bar. On that basis, the creditor's second application was maintainable and its admission was upheld. The personal guarantor also remained liable because the guarantee was a continuing one, expressly unaffected by any change in the constitution of the borrowers, and the liability was co-extensive with the principal borrowers until full repayment. The plea that the change in borrower entity discharged the guarantor was rejected.
A prior Section 95 application had already triggered the statutory interim moratorium, so a later personal insolvency application filed during that subsisting moratorium was non-est in law and could not create a fresh Section 96 bar. On that basis, the creditor's second application was maintainable and its admission was upheld. The personal guarantor also remained liable because the guarantee was a continuing one, expressly unaffected by any change in the constitution of the borrowers, and the liability was co-extensive with the principal borrowers until full repayment. The plea that the change in borrower entity discharged the guarantor was rejected.
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