Working-capital adjustment determines whether software-services transfer-pricing margins fall within the statutory tolerance range, eliminating any ad...
Permanent establishment deductions upheld for expatriate salaries, direct costs and trading losses, while head-office costs require fresh classificati...
Data transmission equipment classification under CTSH 8517 62 remains distinct from residual classification, with exemption evidence requiring scrutin...
Insolvency and BankruptcyFebruary 13, 2024Case LawsAT
Admission of section 7 application - initiation of CIRP against the Corporate Debtor - existence of debt and default or not - When the Financial Creditor had repeatedly made it clear that they were strictly relying on the terms and conditions of the Settlement Agreement and that NoC would be released only after settlement amount was received, levelling of allegation by the Corporate Debtor that the Financial Creditor was responsible for their default is devoid of force and substance. - The moment the Adjudicating Authority is satisfied that a default has occurred, the Application is to be admitted unless it is incomplete. - NCLT rightly admitted the application.
Admission of section 7 application - initiation of CIRP against the Corporate Debtor - existence of debt and default or not - When the Financial Creditor had repeatedly made it clear that they were strictly relying on the terms and conditions of the Settlement Agreement and that NoC would be released only after settlement amount was received, levelling of allegation by the Corporate Debtor that the Financial Creditor was responsible for their default is devoid of force and substance. - The moment the Adjudicating Authority is satisfied that a default has occurred, the Application is to be admitted unless it is incomplete. - NCLT rightly admitted the application.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
