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Once SARFAESI proceeding have been initiated by Bank, the only remedy for Borrowers who are also homebuyers in this case, lies under Section 17 of the SARFAESI Act – Japneet Kaur Ghuman and Anr. Vs. Union of India and Ors. – Delhi High Court

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Once SARFAESI proceeding have been initiated by Bank, the only remedy for Borrowers who are also homebuyers in this case, lies under Section 17 of the SARFAESI Act – Japneet Kaur Ghuman and Anr. Vs. Union of India and Ors. – Delhi High Court Read Post »

As per Sec. 10A of IBC, no IBC proceedings can be initiated against the Corporate Debtor for the default which has occurred between the period from 25/03/2020 till 24/03/2021 – Sanyog Healthcare Ltd. Vs. Bison Biotec Pvt. Ltd. – NCLT New Delhi Bench Court-IV

The Adjudicating Authority observed that going into the legislative intent and the proviso to Section 10A of the code, which stipulates that “no application shall ever be filed” for the initiation of the CIRP “for the said default occurring during the said” period, noticed that the expression “shall ever be filed” is a clear indicator that the intent of the legislature is to bar the institution of any application for the commencement of the CIRP in respect of a default which has occurred on or after 25 March 2020 for a period of six months, extendable up to one year as notified.

As per Sec. 10A of IBC, no IBC proceedings can be initiated against the Corporate Debtor for the default which has occurred between the period from 25/03/2020 till 24/03/2021 – Sanyog Healthcare Ltd. Vs. Bison Biotec Pvt. Ltd. – NCLT New Delhi Bench Court-IV Read Post »

Income Tax Assessment Orders which pertain to the period prior to initiation of the CIRP of the Corporate Debtor, which is now led by the New Management on approval of the Resolution Plan, are unsustainable in law and without jurisdiction – Uttam Strips Ltd. Vs. Assistant Commissioner of Income Tax – NCLT New Delhi Bench Court-II

The Adjudicating Authority observed that the CIRP against the Corporate Debtor commenced vide Order dated 09.04.2018, all the three Assessment Orders passed by the Income Tax Department on the subsequent dates (i.e., during the moratorium period), relate to the pre-CIRP period from 2012-13 to 2017-18. Hence, it is amply clear that through these Assessment Orders, the Income Tax Department has been attempting to recover their dues pertaining to the period prior to the initiation of CIRP of the Corporate Debtor. From the plain reading of the Section 32A of the Code, it can be inferred that the Corporate Debtor, on approval of the Resolution Plan by the Adjudicating Authority and on change in management, is immune from the proceedings which pertain to the pre-CIRP period.

Income Tax Assessment Orders which pertain to the period prior to initiation of the CIRP of the Corporate Debtor, which is now led by the New Management on approval of the Resolution Plan, are unsustainable in law and without jurisdiction – Uttam Strips Ltd. Vs. Assistant Commissioner of Income Tax – NCLT New Delhi Bench Court-II Read Post »

Whether a Letter of Comfort furnished on the same day of a Settlement arrived at during conciliation signed by both the parties and authenticated by the Conciliators is enforceable in the same manner as an arbitration award under Section 74 read with Sections 30 and 36 of the Arbitration and Conciliation Act, 1996? – Mysore Cements Ltd. Vs. Svedala Barmac Ltd. – Supreme Court

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Whether a Letter of Comfort furnished on the same day of a Settlement arrived at during conciliation signed by both the parties and authenticated by the Conciliators is enforceable in the same manner as an arbitration award under Section 74 read with Sections 30 and 36 of the Arbitration and Conciliation Act, 1996? – Mysore Cements Ltd. Vs. Svedala Barmac Ltd. – Supreme Court Read Post »

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