Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
Insolvency and BankruptcyJune 22, 2024Case LawsTri
The Tribunal addressed the maintainability of an application for initiation of Corporate Insolvency Resolution Process (CIRP) by an Operational Creditor (OC) against a Corporate Debtor (CD). The OC claimed default in payment by the CD but failed to provide invoices as evidence. Despite a demand notice under Section 8 of the IBC and a bank statement showing a partial payment, the Tribunal found the application time-barred as it was filed beyond the three-year limitation period from the alleged default date. The Tribunal emphasized the importance of proving debt and default before initiating CIRP, ultimately rejecting the application under Section 9 of the IBC.
The Tribunal addressed the maintainability of an application for initiation of Corporate Insolvency Resolution Process (CIRP) by an Operational Creditor (OC) against a Corporate Debtor (CD). The OC claimed default in payment by the CD but failed to provide invoices as evidence. Despite a demand notice under Section 8 of the IBC and a bank statement showing a partial payment, the Tribunal found the application time-barred as it was filed beyond the three-year limitation period from the alleged default date. The Tribunal emphasized the importance of proving debt and default before initiating CIRP, ultimately rejecting the application under Section 9 of the IBC.
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