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 BankruptcyAugust 10, 2023Case LawsAT
CIRP - Legality of admitting Section 7 Application - Existence of Financial Debt - Scope of Article of association - Delegation of power to Directors / Borrowing Powers of Directors. - If the Articles, have a provision which ‘prohibited the Directors’, from ‘delegating their power’, to ‘Borrow Monies’, does not prevent them from ‘empowering one of the Directors’, to execute a ‘Mortgage Deed’. - AT
CIRP - Legality of admitting Section 7 Application - Existence of Financial Debt - Scope of Article of association - Delegation of power to Directors / Borrowing Powers of Directors. - If the Articles, have a provision which ‘prohibited the Directors’, from ‘delegating their power’, to ‘Borrow Monies’, does not prevent them from ‘empowering one of the Directors’, to execute a ‘Mortgage Deed’. - AT
Note: It is a system-generated summary and is for quick reference only.