Customs Broker association membership becomes mandatory in the operating jurisdiction, with exclusive membership and limited compliance-time relaxatio...
Initiation of CIRP - Financial Debt or not - money had been disbursed by the Appellant on behalf of Corporate Debtor to SBI towards loan repayment is undisputed. It is also an admitted fact that no interest was either claimed by the Appellant nor paid by the Corporate Debtor. - The misconceived finding of the Adjudicating Authority cannot be accepted that simply because the instant transaction was bereft of loan component and no time was fixed for repayment, it did not qualify to be a financial debt. - However, unless the entire payment was made, no right would accrue to the Appellant to enter into the shoes of SBI and have right to title and possession of the subject property. - AT
Initiation of CIRP - Financial Debt or not - money had been disbursed by the Appellant on behalf of Corporate Debtor to SBI towards loan repayment is undisputed. It is also an admitted fact that no interest was either claimed by the Appellant nor paid by the Corporate Debtor. - The misconceived finding of the Adjudicating Authority cannot be accepted that simply because the instant transaction was bereft of loan component and no time was fixed for repayment, it did not qualify to be a financial debt. - However, unless the entire payment was made, no right would accrue to the Appellant to enter into the shoes of SBI and have right to title and possession of the subject property. - AT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4778
Join Channel
TaxTMI 
