Mark-to-Market losses on principal-protected debentures are deductible as business expenditure when the obligation is crystallized under mercantile ac...
Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
The Tribunal applied a broad reading of "person aggrieved" under Section 61 IBC and held that both a shareholder-creditor and a decree-holder with garnishee orders had locus to challenge admission of the Section 7 application. It further found that the alleged loan transaction showed same-day fund transfers, round-tripping and other indicators of a sham or collusive arrangement, so the real nature of the transaction had to be examined rather than treating balance-sheet entries or MoUs as conclusive. On that material, it held that no genuine financial debt with disbursal for time value of money was established. The appeals were allowed and the Section 7 admission was set aside.
The Tribunal applied a broad reading of "person aggrieved" under Section 61 IBC and held that both a shareholder-creditor and a decree-holder with garnishee orders had locus to challenge admission of the Section 7 application. It further found that the alleged loan transaction showed same-day fund transfers, round-tripping and other indicators of a sham or collusive arrangement, so the real nature of the transaction had to be examined rather than treating balance-sheet entries or MoUs as conclusive. On that material, it held that no genuine financial debt with disbursal for time value of money was established. The appeals were allowed and the Section 7 admission was set aside.
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