NCLAT Allows Appeal, Finding Error in Adjudicating Authority's Dismissal of Section 7 Application
![](https://static.wixstatic.com/media/d515a3_0aac6e7a36ec461e9d747ca6eae09211~mv2.jpg/v1/fill/w_250,h_250,fp_0.50_0.50,q_30,blur_30,enc_auto/d515a3_0aac6e7a36ec461e9d747ca6eae09211~mv2.webp)
![NCLAT Allows Appeal, Finding Error in Adjudicating Authority's Dismissal of Section 7 Application](https://static.wixstatic.com/media/d515a3_0aac6e7a36ec461e9d747ca6eae09211~mv2.jpg/v1/fill/w_209,h_209,fp_0.50_0.50,q_90,enc_auto/d515a3_0aac6e7a36ec461e9d747ca6eae09211~mv2.webp)
![](https://static.wixstatic.com/media/d515a3_f14718b5c1454764bd4eae3cf6b04743~mv2.jpg/v1/fill/w_242,h_242,fp_0.50_0.50,lg_1,q_30,blur_30,enc_auto/d515a3_f14718b5c1454764bd4eae3cf6b04743~mv2.webp)
![Classification of Loan as Non-Performing Asset (NPA) Date Constitutes A Date Of Default Under The Insolvency and Bankruptcy Code: NCLAT](https://static.wixstatic.com/media/d515a3_f14718b5c1454764bd4eae3cf6b04743~mv2.jpg/v1/fill/w_209,h_173,fp_0.50_0.50,q_90,enc_auto/d515a3_f14718b5c1454764bd4eae3cf6b04743~mv2.webp)
- Jul 3
- 3 min
Classification of Loan as Non-Performing Asset (NPA) Date Constitutes A Date Of Default Under The Insolvency and Bankruptcy Code: NCLAT
![](https://static.wixstatic.com/media/d515a3_0aac6e7a36ec461e9d747ca6eae09211~mv2.jpg/v1/fill/w_250,h_250,fp_0.50_0.50,q_30,blur_30,enc_auto/d515a3_0aac6e7a36ec461e9d747ca6eae09211~mv2.webp)
![Absent possession by the Corporate Debtor and proof of valid assignment, the Resolution Professional lacks authority to inspect or control assets of a third party](https://static.wixstatic.com/media/d515a3_0aac6e7a36ec461e9d747ca6eae09211~mv2.jpg/v1/fill/w_209,h_209,fp_0.50_0.50,q_90,enc_auto/d515a3_0aac6e7a36ec461e9d747ca6eae09211~mv2.webp)
- Jul 3
- 2 min
Absent possession by the Corporate Debtor and proof of valid assignment, the Resolution Professional lacks authority to inspect or control assets of a third party
![](https://static.wixstatic.com/media/d515a3_c1b9b022c9eb40c9b10f3364a50edae9~mv2.jpg/v1/fill/w_250,h_250,fp_0.50_0.50,q_30,blur_30,enc_auto/d515a3_c1b9b022c9eb40c9b10f3364a50edae9~mv2.webp)
![The intent of the IBC, complemented by the RBI guidelines and Section 10A, is to sustain CDs during unprecedented financial distress, rather than push them into insolvency](https://static.wixstatic.com/media/d515a3_c1b9b022c9eb40c9b10f3364a50edae9~mv2.jpg/v1/fill/w_209,h_209,fp_0.50_0.50,q_90,enc_auto/d515a3_c1b9b022c9eb40c9b10f3364a50edae9~mv2.webp)
- Jul 2
- 3 min
The intent of the IBC, complemented by the RBI guidelines and Section 10A, is to sustain CDs during unprecedented financial distress, rather than push them into insolvency
![](https://static.wixstatic.com/media/d515a3_f14718b5c1454764bd4eae3cf6b04743~mv2.jpg/v1/fill/w_242,h_242,fp_0.50_0.50,lg_1,q_30,blur_30,enc_auto/d515a3_f14718b5c1454764bd4eae3cf6b04743~mv2.webp)
![An application is considered filed when presented at the registry, not when it is numbered: NCLAT](https://static.wixstatic.com/media/d515a3_f14718b5c1454764bd4eae3cf6b04743~mv2.jpg/v1/fill/w_209,h_173,fp_0.50_0.50,q_90,enc_auto/d515a3_f14718b5c1454764bd4eae3cf6b04743~mv2.webp)
- Jul 2
- 2 min
An application is considered filed when presented at the registry, not when it is numbered: NCLAT
![](https://static.wixstatic.com/media/d515a3_c1b9b022c9eb40c9b10f3364a50edae9~mv2.jpg/v1/fill/w_250,h_250,fp_0.50_0.50,q_30,blur_30,enc_auto/d515a3_c1b9b022c9eb40c9b10f3364a50edae9~mv2.webp)
![Once a Resolution Plan is approved, all pre-approval claims are barred, thereby prohibiting reassessment actions under Section 144B of the Income Tax Act, 1961](https://static.wixstatic.com/media/d515a3_c1b9b022c9eb40c9b10f3364a50edae9~mv2.jpg/v1/fill/w_209,h_209,fp_0.50_0.50,q_90,enc_auto/d515a3_c1b9b022c9eb40c9b10f3364a50edae9~mv2.webp)
- Jun 29
- 2 min
Once a Resolution Plan is approved, all pre-approval claims are barred, thereby prohibiting reassessment actions under Section 144B of the Income Tax Act, 1961
![](https://static.wixstatic.com/media/d515a3_0aac6e7a36ec461e9d747ca6eae09211~mv2.jpg/v1/fill/w_250,h_250,fp_0.50_0.50,q_30,blur_30,enc_auto/d515a3_0aac6e7a36ec461e9d747ca6eae09211~mv2.webp)
![In cases where insolvency proceedings precede an attachment by the ED, the liquidation process under the NCLT takes precedence](https://static.wixstatic.com/media/d515a3_0aac6e7a36ec461e9d747ca6eae09211~mv2.jpg/v1/fill/w_209,h_209,fp_0.50_0.50,q_90,enc_auto/d515a3_0aac6e7a36ec461e9d747ca6eae09211~mv2.webp)
- Jun 29
- 2 min
In cases where insolvency proceedings precede an attachment by the ED, the liquidation process under the NCLT takes precedence
![](https://static.wixstatic.com/media/d515a3_1b5cb22fd9c54d2fbd81edd248520c56~mv2.jpg/v1/fill/w_250,h_250,fp_0.50_0.50,q_30,blur_30,enc_auto/d515a3_1b5cb22fd9c54d2fbd81edd248520c56~mv2.webp)
![Once A Resolution Plan Is Approved, All Pre-existing Statutory Dues Not Included In The Plan, are Extinguished And Cannot Be Claimed by Government Authorities](https://static.wixstatic.com/media/d515a3_1b5cb22fd9c54d2fbd81edd248520c56~mv2.jpg/v1/fill/w_209,h_209,fp_0.50_0.50,q_90,enc_auto/d515a3_1b5cb22fd9c54d2fbd81edd248520c56~mv2.webp)
- Jun 28
- 2 min
Once A Resolution Plan Is Approved, All Pre-existing Statutory Dues Not Included In The Plan, are Extinguished And Cannot Be Claimed by Government Authorities
![](https://static.wixstatic.com/media/d515a3_f14718b5c1454764bd4eae3cf6b04743~mv2.jpg/v1/fill/w_242,h_242,fp_0.50_0.50,lg_1,q_30,blur_30,enc_auto/d515a3_f14718b5c1454764bd4eae3cf6b04743~mv2.webp)
![A Writ Is Not Maintainable For Disputes Arising From A Private Employment Contract, As Such Disputes Do Not Involve Public Functions or Public Law Elements](https://static.wixstatic.com/media/d515a3_f14718b5c1454764bd4eae3cf6b04743~mv2.jpg/v1/fill/w_209,h_173,fp_0.50_0.50,q_90,enc_auto/d515a3_f14718b5c1454764bd4eae3cf6b04743~mv2.webp)
- Jun 28
- 2 min
A Writ Is Not Maintainable For Disputes Arising From A Private Employment Contract, As Such Disputes Do Not Involve Public Functions or Public Law Elements
![](https://static.wixstatic.com/media/d515a3_c1b9b022c9eb40c9b10f3364a50edae9~mv2.jpg/v1/fill/w_250,h_250,fp_0.50_0.50,q_30,blur_30,enc_auto/d515a3_c1b9b022c9eb40c9b10f3364a50edae9~mv2.webp)
![Moratorium under the IBC cannot protect the applicant from proceedings under Section 138/141 of the Negotiable Instruments Act for his vicarious liability](https://static.wixstatic.com/media/d515a3_c1b9b022c9eb40c9b10f3364a50edae9~mv2.jpg/v1/fill/w_209,h_209,fp_0.50_0.50,q_90,enc_auto/d515a3_c1b9b022c9eb40c9b10f3364a50edae9~mv2.webp)
- Jun 28
- 3 min
Moratorium under the IBC cannot protect the applicant from proceedings under Section 138/141 of the Negotiable Instruments Act for his vicarious liability