Alternative GST remedy permitted protective writ intervention for ex parte adjudication, preserving independent appellate review of input tax credit d...
Assessment against deceased sole proprietor requires proceedings against the legal representative, rendering prior assessment and appellate orders inv...
Residential waste collection classification under SAC 999423 defeats composite-supply exemption where facilitating goods are not transferred to the lo...
Condonation of delay permits statutory appeal restoration where inadequate service explanation prevented consideration of reassessment and taxable-inc...
This legal summary concerns the maintainability of a Section 7 application for initiating the Corporate Insolvency Resolution Process (CIRP) against a Corporate Debtor. The key points are: The transaction involved receivables discounting on a recourse basis, constituting a financial debt u/s 5(8)(e) of the IBC Act. The Supreme Court's rulings in Innoventive Industries Ltd. vs. ICICI Bank and Mobilox Innovations Pvt. Ltd. vs. Kirusa Software Pvt. Ltd. establish that for a Section 7 application by a Financial Creditor, the existence of a financial debt and default exceeding Rs. 1 crore is sufficient for admission, without considering defenses of set-off or counterclaim. In the present case, the Financial Creditor proved the existence of debt and default exceeding Rs. 1 crore by the Corporate Debtor. Therefore, as per Section 7(5) of the IBC Act, the application was admitted, and the CIRP was initiated against the Corporate Debtor, with a moratorium declared.
This legal summary concerns the maintainability of a Section 7 application for initiating the Corporate Insolvency Resolution Process (CIRP) against a Corporate Debtor. The key points are: The transaction involved receivables discounting on a recourse basis, constituting a financial debt u/s 5(8)(e) of the IBC Act. The Supreme Court's rulings in Innoventive Industries Ltd. vs. ICICI Bank and Mobilox Innovations Pvt. Ltd. vs. Kirusa Software Pvt. Ltd. establish that for a Section 7 application by a Financial Creditor, the existence of a financial debt and default exceeding Rs. 1 crore is sufficient for admission, without considering defenses of set-off or counterclaim. In the present case, the Financial Creditor proved the existence of debt and default exceeding Rs. 1 crore by the Corporate Debtor. Therefore, as per Section 7(5) of the IBC Act, the application was admitted, and the CIRP was initiated against the Corporate Debtor, with a moratorium declared.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
Join Channel
TaxTMI 
