Transfer pricing comparability requires functional alignment, reliable financial data, and careful review of working capital and receivables adjustmen...
Transfer pricing rules require benchmarking corporate guarantees and associated-enterprise advances, while invalid domestic-transaction adjustments ca...
Prospective sugar export prohibition required registered letters of credit; private contracts and export quotas created no enforceable continuation ri...
Retroactive interim-moratorium exclusion permits protective asset disclosure and preservation measures against personal guarantors pending arbitration...
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Insolvency and BankruptcyMarch 13, 2024Case LawsAT
Rejection of Section 9 application - Initiation of CIRP - pre-existing dispute - The tribunal meticulously analyzed the arguments from both sides and relevant legal provisions under the IBC. It focused on whether there was a plausible pre-existing dispute between the parties concerning the operational debt. - The NCLAT found that there indeed was a pre-existing dispute regarding the operational debt, primarily based on the appellant's breach of the Agency Agreement, leading to its termination by the respondent. The tribunal noted that the appellant's illegal activities and the subsequent termination of the agreement formed the basis of the dispute. - The tribunal concluded that the Adjudicating Authority (AA) did not err in dismissing the Section 9 application, as the operational debt was disputed.
Rejection of Section 9 application - Initiation of CIRP - pre-existing dispute - The tribunal meticulously analyzed the arguments from both sides and relevant legal provisions under the IBC. It focused on whether there was a plausible pre-existing dispute between the parties concerning the operational debt. - The NCLAT found that there indeed was a pre-existing dispute regarding the operational debt, primarily based on the appellant's breach of the Agency Agreement, leading to its termination by the respondent. The tribunal noted that the appellant's illegal activities and the subsequent termination of the agreement formed the basis of the dispute. - The tribunal concluded that the Adjudicating Authority (AA) did not err in dismissing the Section 9 application, as the operational debt was disputed.
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