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...
Corporate insolvency resolution process (CIRP) initiated against corporate debtor and corporate guarantor. Financial creditor granted loan to corporate debtor, secured by corporate guarantee. CIRP completed for corporate guarantor, creditor accepted haircut. Creditor filed Section 7 application against corporate debtor for remaining dues. Held: Liability of guarantor and principal debtor co-extensive. Creditor can proceed against either. Corporate debtor's liability not extinguished by CIRP of guarantor. Creditor subrogated to rights of guarantor against corporate debtor u/s 140 of Contract Act, limited to amount recovered from guarantor. Application maintainable for remaining dues. Appeal dismissed.
Corporate insolvency resolution process (CIRP) initiated against corporate debtor and corporate guarantor. Financial creditor granted loan to corporate debtor, secured by corporate guarantee. CIRP completed for corporate guarantor, creditor accepted haircut. Creditor filed Section 7 application against corporate debtor for remaining dues. Held: Liability of guarantor and principal debtor co-extensive. Creditor can proceed against either. Corporate debtor's liability not extinguished by CIRP of guarantor. Creditor subrogated to rights of guarantor against corporate debtor u/s 140 of Contract Act, limited to amount recovered from guarantor. Application maintainable for remaining dues. Appeal dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
