Transfer-pricing aggregation of distinct support-service and subcontract transactions was rejected, while debt-free receivables attracted no notional ...
Customs exemptions cover photovoltaic assembly machinery and PVF backsheets, while fully declared cleared imports may avoid confiscation and penalties...
Specific tariff classification for LCD devices overrides treatment as electricity-meter parts, defeating differential duty, extended limitation, and p...
Stayed disciplinary punishment does not establish unfitness for insolvency professional registration; reconsideration must disregard mere pendency of ...
Indirect corporate control can create related-party status, excluding financial creditors from Committee of Creditors representation, participation an...
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Admission of a Section 7 application under the Insolvency and Bankruptcy Code, 2016, concerning the classification of a debt as a Financial Debt within the meaning of Section 5(8). The key points are: The debt arose from a Development Agreement involving the payment of a Security Deposit and an additional amount carrying interest at 18% per annum, compounded quarterly, indicating the time value of money. The Corporate Debtor acknowledged the interest liability in its balance sheet. The Adjudicating Authority correctly held that the debt qualified as a Financial Debt, and the creditor was a Financial Creditor, not an Operational Creditor. The NCLAT upheld the Adjudicating Authority's order, finding no error in admitting the Section 7 application and classifying the debt as a Financial Debt. The appeal was dismissed.
Admission of a Section 7 application under the Insolvency and Bankruptcy Code, 2016, concerning the classification of a debt as a Financial Debt within the meaning of Section 5(8). The key points are: The debt arose from a Development Agreement involving the payment of a Security Deposit and an additional amount carrying interest at 18% per annum, compounded quarterly, indicating the time value of money. The Corporate Debtor acknowledged the interest liability in its balance sheet. The Adjudicating Authority correctly held that the debt qualified as a Financial Debt, and the creditor was a Financial Creditor, not an Operational Creditor. The NCLAT upheld the Adjudicating Authority's order, finding no error in admitting the Section 7 application and classifying the debt as a Financial Debt. The appeal was dismissed.
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