Captive power transfer pricing and non-resident export commission rules support deletion of adjustments and withholding disallowance in discussed proc...
Cooperative society deposits, member-interest TDS exemption and credit-facility deduction claims require verification through records and supporting e...
Customs jurisdiction over EPCG condition breaches survives export-obligation discharge certificates, requiring alleged fraud and misdeclaration to be ...
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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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