Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
Insolvency and BankruptcyApril 23, 2024Case LawsAT
Admission of Section 9 application filed by Operational Creditor - time limitation - Section 10A of IBC - The Tribunal found that apart from the lease rental of April 2021, the entire claim fell within the Section 10A period, rendering the application invalid. It also noted the contradiction in admitting the application after rejecting the Amendment Application, which acknowledged the Section 10A bar. Additionally, it clarified that the default must precede the issuance of the demand notice for the application to be valid under Section 9(1). As the default was claimed to have occurred before the notice, the application was deemed barred by Section 10A.
Admission of Section 9 application filed by Operational Creditor - time limitation - Section 10A of IBC - The Tribunal found that apart from the lease rental of April 2021, the entire claim fell within the Section 10A period, rendering the application invalid. It also noted the contradiction in admitting the application after rejecting the Amendment Application, which acknowledged the Section 10A bar. Additionally, it clarified that the default must precede the issuance of the demand notice for the application to be valid under Section 9(1). As the default was claimed to have occurred before the notice, the application was deemed barred by Section 10A.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4784
Join Channel
TaxTMI 
