Retrospective cancellation of charitable registration under section 12AB(4) was unsustainable; related-party benefit allegations did not prove nongenu...
Merger control notice and disclosure rules: Supreme Court limits penalties, rejects reopening of approved combination, and sets aside adverse findings...
Insolvency and BankruptcyFebruary 8, 2024Case LawsAT
Initiation of CIRP u/s 7 of the IBC - financial debt or not - Period of limitation - Advance paid subject to execution of the share purchase agreement - NCLT rejected the application as the appellant does not falling within the category of financial creditor - The tribunal highlighted that the transaction was ostensibly for the purchase of a specific property, and the appellant should have asserted its rights within the stipulated three-year period. Since no default date was established, and the transaction did not meet the criteria of financial debt, the tribunal upheld the order of NCLT.
Initiation of CIRP u/s 7 of the IBC - financial debt or not - Period of limitation - Advance paid subject to execution of the share purchase agreement - NCLT rejected the application as the appellant does not falling within the category of financial creditor - The tribunal highlighted that the transaction was ostensibly for the purchase of a specific property, and the appellant should have asserted its rights within the stipulated three-year period. Since no default date was established, and the transaction did not meet the criteria of financial debt, the tribunal upheld the order of NCLT.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
