Extended limitation fails without specific suppression allegations, while overseas employee secondment remains taxable as manpower supply within norma...
Time-share accommodation classification excludes Club or Association Service where purchasers receive contractual occupancy rights without genuine mem...
CENVAT credit for trading requires reversal, while taxable-service rental credit remains proportionately available and limitation issues await resolut...
Vicarious liability for dishonoured company cheques may extend to non-signatory directors where complaints contain foundational responsibility avermen...
NCLAT upheld the admission of Section 7 application under IBC, confirming the existence of financial debt and default by corporate debtor. The tribunal rejected appellant's contention that Project Monitoring Committee (PMC) controlled by financial creditor was responsible for default. NCLAT emphasized that PMC's constitution to monitor project execution did not diminish corporate debtor's payment obligations. Following precedents in E.S. Krishnamurthy and Innoventive Industries, NCLAT confirmed Adjudicating Authority's jurisdiction was limited to determining debt existence and default occurrence. The appeal was dismissed as corporate debtor failed to honor repayment obligations despite acknowledging debt multiple times, satisfying Section 7 requirements for CIRP initiation.
NCLAT upheld the admission of Section 7 application under IBC, confirming the existence of financial debt and default by corporate debtor. The tribunal rejected appellant's contention that Project Monitoring Committee (PMC) controlled by financial creditor was responsible for default. NCLAT emphasized that PMC's constitution to monitor project execution did not diminish corporate debtor's payment obligations. Following precedents in E.S. Krishnamurthy and Innoventive Industries, NCLAT confirmed Adjudicating Authority's jurisdiction was limited to determining debt existence and default occurrence. The appeal was dismissed as corporate debtor failed to honor repayment obligations despite acknowledging debt multiple times, satisfying Section 7 requirements for CIRP initiation.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4798
Join Channel
TaxTMI 
