Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
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The Adjudicating Authority rightly dismissed the Company Petition filed u/s 9 of the Insolvency and Bankruptcy Code (IBC) on the ground of pre-existing disputes between the Operational Creditor and the Corporate Debtor. The Respondent provided documentary evidence, including communications and police complaints, demonstrating ongoing disputes related to possession of leased premises and payment obligations under the lease agreement. The existence of a pre-existing dispute, regardless of merit, disqualifies an Operational Creditor from initiating the Corporate Insolvency Resolution Process (CIRP) u/s 9 of the IBC. The Appellant failed to demonstrate that the Adjudicating Authority erred in dismissing the Section 9 Petition. The Appeal was dismissed, with the Appellate Tribunal noting that the claim may also fail on grounds of not meeting the threshold of Rs. 1 crore u/s 4 of the IBC, discrepancies in claimed amounts, and allegations of fabrication of invoices.
The Adjudicating Authority rightly dismissed the Company Petition filed u/s 9 of the Insolvency and Bankruptcy Code (IBC) on the ground of pre-existing disputes between the Operational Creditor and the Corporate Debtor. The Respondent provided documentary evidence, including communications and police complaints, demonstrating ongoing disputes related to possession of leased premises and payment obligations under the lease agreement. The existence of a pre-existing dispute, regardless of merit, disqualifies an Operational Creditor from initiating the Corporate Insolvency Resolution Process (CIRP) u/s 9 of the IBC. The Appellant failed to demonstrate that the Adjudicating Authority erred in dismissing the Section 9 Petition. The Appeal was dismissed, with the Appellate Tribunal noting that the claim may also fail on grounds of not meeting the threshold of Rs. 1 crore u/s 4 of the IBC, discrepancies in claimed amounts, and allegations of fabrication of invoices.
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