https://www.taxtmi.com/caselaws?id=303729 In a Section 7 insolvency proceeding, debenture documents executed outside Maharashtra and relied on in the State were treated as attracting differential stamp duty under the Maharashtra Stamp Act, and insufficient stamping was held capable of impounding, though one member viewed the defect as not requiring impounding at that stage. The alleged novation of the debenture arrangement was rejected because the purported settlement was not implemented, was later revoked, and the corporate debtor continued to acknowledge the liability. On the material on record, the Bench found financial debt and default established, held the petition maintainable, and directed commencement of CIRP and moratorium. en-us Mon, 03 Aug 2020 00:00:00 +0530 Mon, 08 Aug 2022 21:07:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303729 In a Section 7 insolvency proceeding, debenture documents executed outside Maharashtra and relied on in the State were treated as attracting differential stamp duty under the Maharashtra Stamp Act, and insufficient stamping was held capable of impounding, though one member viewed the defect as not requiring impounding at that stage. The alleged novation of the debenture arrangement was rejected because the purported settlement was not implemented, was later revoked, and the corporate debtor continued to acknowledge the liability. On the material on record, the Bench found financial debt and default established, held the petition maintainable, and directed commencement of CIRP and moratorium. Case-Laws Insolvency and Bankruptcy Mon, 03 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303729