Online bond platforms may offer overseas-regulated products and tax-specific bonds subject to disclosures, compliance safeguards and revised complianc...
Corporate guarantee valuation permits actual ascertainable commission while barring retroactive application and extended-period penalties for bona fid...
Proper-officer jurisdiction under UPGST penalty provisions upheld; participation on merits prevents bypassing the statutory appellate remedy through w...
Transitioned CENVAT credit may validly satisfy mandatory pre-deposit requirements for legacy service tax appeals through Electronic Credit Ledger debi...
Building-plan sanction charges require statutory authority; unauthorised fees and GST were quashed, while labour cess must follow prescribed collectio...
Pure-agent exclusion fails where hotel booking facilitators receive third-party services themselves, making entire customer consideration taxable as r...
Insolvency and BankruptcyApril 15, 2024Case LawsAT
Initiation of CIRP based on a corporate guarantee provided to a consortium of lenders- Validity of deed of Guarantee - The tribunal noted that the guarantee exceeded the statutory limits under Section 186 but highlighted that the corporate debtor and principal borrower were closely linked family businesses. This closeness implied a level of awareness and consent to the risks involved, undermining the appellant's argument for invalidity based on statutory non-compliance. It was established that the deed of guarantee was executed in favor of the trusteeship managing the consortium’s interest, thus granting the lenders, including the respondent bank, the right to enforce the guarantee. The tribunal dismissed the appellant's claim of lack of privity of contract.
Initiation of CIRP based on a corporate guarantee provided to a consortium of lenders- Validity of deed of Guarantee - The tribunal noted that the guarantee exceeded the statutory limits under Section 186 but highlighted that the corporate debtor and principal borrower were closely linked family businesses. This closeness implied a level of awareness and consent to the risks involved, undermining the appellant's argument for invalidity based on statutory non-compliance. It was established that the deed of guarantee was executed in favor of the trusteeship managing the consortium’s interest, thus granting the lenders, including the respondent bank, the right to enforce the guarantee. The tribunal dismissed the appellant's claim of lack of privity of contract.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4809 
Join Channel 
