ODR arbitration participation remains mandatory after failed conciliation, while jurisdictional and maintainability objections stay available before t...
Transparency in technical bid evaluation requires disclosed standards and recorded reasons; opaque scoring invalidated tender awards and required fres...
Automated export obligation extensions remove separate regional applications after committee approval for Advance Authorisation and EPCG authorisation...
International cargo transhipment through Indian ports continues with Customs-controlled storage, re-export safeguards, and coordinated multi-station m...
Corporate guarantee and cost-overrun undertakings were interpreted as limited obligations to infuse equity, meet shortfalls, or cover specified contingencies; they did not create a liability to repay the principal borrower's loan, so a Section 7 petition against the corporate debtor was not maintainable on that basis. The tribunal also held that default of the principal borrower could not be treated as the guarantor's default; default arose only after invocation of the guarantee and non-payment thereafter, which on the bank's own case fell within the Section 10A suspension period. Non-consideration of the later guarantee deed and inconsistent treatment of the same transaction further indicated non-application of mind, making the admission order unsustainable.
Corporate guarantee and cost-overrun undertakings were interpreted as limited obligations to infuse equity, meet shortfalls, or cover specified contingencies; they did not create a liability to repay the principal borrower's loan, so a Section 7 petition against the corporate debtor was not maintainable on that basis. The tribunal also held that default of the principal borrower could not be treated as the guarantor's default; default arose only after invocation of the guarantee and non-payment thereafter, which on the bank's own case fell within the Section 10A suspension period. Non-consideration of the later guarantee deed and inconsistent treatment of the same transaction further indicated non-application of mind, making the admission order unsustainable.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4819 
Join Channel 
