Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
Maintainability of section 7 application - Initiation of CIRP - existence of debt and default - date of default - On 14.02.2020 the account was declared NPA - The Appellate Tribunal emphasized that the date of default, being the date of declaration of the account as NPA, was valid for initiating insolvency proceedings under Section 7. The Tribunal ruled that the default date should be considered as the date of declaration of the account as NPA, rather than the date of renewal of the working capital limit. It clarified that the renewal of the limit did not affect the occurrence of default by the Corporate Debtor in fulfilling its financial obligations.
Maintainability of section 7 application - Initiation of CIRP - existence of debt and default - date of default - On 14.02.2020 the account was declared NPA - The Appellate Tribunal emphasized that the date of default, being the date of declaration of the account as NPA, was valid for initiating insolvency proceedings under Section 7. The Tribunal ruled that the default date should be considered as the date of declaration of the account as NPA, rather than the date of renewal of the working capital limit. It clarified that the renewal of the limit did not affect the occurrence of default by the Corporate Debtor in fulfilling its financial obligations.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
