Home Highlights June 2013 Year 2013 This

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1. Validity of Winding up order - Antrix, which initiated the proceedings for winding up, is neither a financial creditor nor an operational creditor nor a corporate...

2. Classification of applicant - unsecured creditors or not - the Applicant cannot take to plea that he is not aware of the fact that he is classified as unsecured creditor....

3. The creditors of the Personal Guarantors who are unable to file an application due to enforcement of moratorium under Section 96 can very well avail the benefit of...

4. Liability of directors of private company in liquidation - steps taken against the delinquent Company - The order does not record any of the material which formed the...

5. Doctrine of constitutional priority - Supremecy of attachment passed by the Tax Recovery Officer / Income Tax Department or to the mortgage created in favour of the...

6. Recovery proceedings of tax dues - preferential right - secured creditors - Income Tax Department’s preferential right to recovery of debts over other creditors is...

7. Relevant date for filing application by Personal Guarantor as well as Creditor - relevant time from which moratorium shall come into force - when shall the application...

8. Recovery of tax dues - Attachment of assets - dues of MVAT Authorities’ have charge in priority to the secured creditors or not - This judgment reaffirms the supremacy...

9. Recovery of dues - priority of settlement of dues - The State is a secured creditor under the GVAT Act. Section 3(30) of the IBC defines secured creditor to mean a...

10. Initiation of CIRP - Failure to pay outstanding salary dues to the employees - Operational Creditor has not received his dues from the Corporate Debtor and the...

11. Winding up petition must fail - it makes no difference that the petitioning-creditor has a pending application before the Debt Recovery Tribunal - HC

12. Seeking winding up of respondent company - Failure to pay outstanding dues - section 434 of the Companies Act, 1956 - The court noted the substantial unpaid amount...

13. Winding up of Appellant Company - Transfer of winding up petitions from the Company Court to be tried by the NCLT under IBC - Despite the fact that the liquidator has...

14. Winding up of Company - failure to make payment of outstanding dues due to financial difficulty - the Petitioner has not taken any steps to comply office objections...

15. Loss on pictures - bad debts - the assessee has claimed to incurred Loss due to non-recovery of advances and therefore, claimed it as loss which is not impermissible under the law.