Income Tax : Taxability of income of charitable or religious trusts: Learn about relief of the poor, education, yoga, medical relief, preservat...
Income Tax : Understand the taxation of trusts in India, covering registered and unregistered trusts. Learn about relevant sections, exemptions...
Income Tax : Shalki Bansal Charitable/religious trusts are the trusts which are formed with an objective of providing relief to poor, education...
Finance : Despite the clear objective behind enacting SARFAESI Act, 2002, while implementing the provisions of the Act, many complications h...
Fema / RBI : The enactment of ‘Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002’ has fa...
Company Law : NCLAT Chennai held that initiation of the IRP proceeding u/s. 95 of Insolvency & Bankruptcy Code, 2016 against personal guarantor ...
Corporate Law : Kerala High Court directs CBI investigation into the allegations of amassment of wealth disproportionate to his known sources of i...
Corporate Law : NCLAT Chennai held that post completion of liquidation process and property of Corporate Debtor is handed over to Successful Aucti...
Corporate Law : Supreme Court held that that the preliminary inquiry is not mandatory under the Prevention of Corruption Act, 1988 when the secret...
Corporate Law : NCLAT Delhi held that when the debt invoking the guarantee falls between the 10A period application u/s. 7 of the Insolvency and B...
After considering submissions made by both parties it is held that there is no dispute that the appellant stood as a guarantor for the loan availed by the CD which has already been admitted into CIRP
NCLAT Delhi held that based on recommendation made by the resolution professional, application under section 95 of IBC, 2016 is admitted. Notably, also held that application under section 95 is preferred within prescribed time limit.
Appellant-personal guarantor had signed a deed of guarantee for a corporate debtor’s credit facilities. Following the debtor’s default, the bank issued a Section 13(2) notice demanding Rs. 32.60 crore from the appellant.
A Corporate Insolvency Resolution Process (CIRP) was initiated by the adjudicating authority (NCLT) in respect of RITL-Corporate Debtor at the instance of Ericsson India Private Limited, and the Interim Resolution Professional (IRP) was appointed.
Where secured creditor failed to pay the liquidation costs within 90 days after its intention to realize the security interest, the security interest should stand relinquished under Regulation 21A(3) of the Liquidation Regulations, 2016.
NCLT Mumbai held that sale of property of personal guarantors by financial creditor under SARFAESI Act during protection of moratorium under section 96 of the IBC is invalid sale as protection of moratorium under section 96 is far greater than of section 14.
This appeal arises from an order dated 09.01.2024 by the National Company Law Tribunal (NCLT), Mumbai Bench-I. The Appellant, Mr. Puneet P. Bhatia, a suspended director of Barracks Retail India Pvt. Ltd.
In a recent ruling, the Delhi bench (NCLAT) while dismissing the appeal of the bank have held that Once the CIRP was initiated, the amount lying in the “No Lien Account”, is an asset of the Corporate Debtor if OTS did not materialize.
NCLAT Delhi held that date of declaration of the loan account/ debt as NPA can be reckoned as the date of default to enable the Financial Creditor to initiate action under Section 7 of the Insolvency and Bankruptcy Code.
Allahabad High Court granted bail to applicant involved in criminal matter based on the principle of ‘bail is a rule and jail is an exception’ and also concluding that there are no chance of absconding.
