Arrest safeguards and transit remand requirements invalidated detention following inter-State transfer without communicated grounds or magistrate auth...
Arrest safeguards require disclosed grounds, relative intimation and transit remand, while duplicate prosecution under the CGST framework is unsustain...
Document Identification Number defects can invalidate GST assessments, with delayed challenges entertained conditionally where patent irregularities e...
Windmill commissioning evidence supported higher depreciation where grid connection and electricity generation proved operational use before the relev...
Pharmaceutical promotion and transfer-pricing comparability principles limited disallowances, while uncorroborated search allegations and unsupported ...
Business expenditure substantiation supports scrap credits, statutory payments and expense claims, while depreciation requires proof of actual busines...
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 4817 
Join Channel 
