Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
Approved resolution plans extinguish unsubmitted pre-approval tax claims, preventing later recovery outside the insolvency process and preserving a cl...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
