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...
Section 95 insolvency proceedings against personal guarantors were held to be within limitation because the guarantors' debt liability had crystallised through the DRT judgment and recovery certificate, and the Covid-19 limitation extension plus later demand notice preserved a subsisting cause of action. The plea that approval of the corporate debtor's resolution plan extinguished the guarantors' liability was rejected, as personal guarantees were not dealt with in the plan and guarantor liability remains co-extensive for the unpaid balance. The Tribunal relied on the finality of the DRT adjudication and incomplete recovery, and upheld admission of the Section 95 applications.
Section 95 insolvency proceedings against personal guarantors were held to be within limitation because the guarantors' debt liability had crystallised through the DRT judgment and recovery certificate, and the Covid-19 limitation extension plus later demand notice preserved a subsisting cause of action. The plea that approval of the corporate debtor's resolution plan extinguished the guarantors' liability was rejected, as personal guarantees were not dealt with in the plan and guarantor liability remains co-extensive for the unpaid balance. The Tribunal relied on the finality of the DRT adjudication and incomplete recovery, and upheld admission of the Section 95 applications.
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