Faceless reassessment jurisdiction turned on retrospective AO definition, with later faceless-assessment changes treated as clarificatory and procedur...
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Financial debt requires disbursement against consideration for the time value of money. A real estate allottee may be deemed to have advanced a debt with the commercial effect of borrowing only where the claimant has disbursed an amount to the corporate debtor. Where a flat is allotted solely to compensate unpaid advertisement service charges under an invoice, no such disbursement occurs. The claim therefore does not constitute financial debt, and the service provider cannot be recognised as a financial creditor under the insolvency framework.
Financial debt requires disbursement against consideration for the time value of money. A real estate allottee may be deemed to have advanced a debt with the commercial effect of borrowing only where the claimant has disbursed an amount to the corporate debtor. Where a flat is allotted solely to compensate unpaid advertisement service charges under an invoice, no such disbursement occurs. The claim therefore does not constitute financial debt, and the service provider cannot be recognised as a financial creditor under the insolvency framework.
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