Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
Insolvency and BankruptcyMarch 5, 2022Case LawsTri
Validity of possession notice - guarantee given by the Corporate Debtor - As a consequence of such default, the status of the guarantor metamorphoses into a debtor or a corporate debtor if it happens to be a corporate person, within the meaning of Section 3(8) of the Code - It was categorically held that there is no reason to limit the width of Section 7 of the Code despite law permitting initiation of CIRP against the corporate debtor, if and when default is committed by the principal borrower. - There need not be any further demur to hold that the CIRP can be initiated in respect of the guarantee given by the Corporate Debtor to the principal Borrower which is a Joint Venture Company. - Tri
Validity of possession notice - guarantee given by the Corporate Debtor - As a consequence of such default, the status of the guarantor metamorphoses into a debtor or a corporate debtor if it happens to be a corporate person, within the meaning of Section 3(8) of the Code - It was categorically held that there is no reason to limit the width of Section 7 of the Code despite law permitting initiation of CIRP against the corporate debtor, if and when default is committed by the principal borrower. - There need not be any further demur to hold that the CIRP can be initiated in respect of the guarantee given by the Corporate Debtor to the principal Borrower which is a Joint Venture Company. - Tri
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
