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...
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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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