Revenue neutrality in domestic related-party loans can require deletion of interest transfer pricing adjustments after domestic-transaction verificati...
Pre-enactment land-sale agreements escape stamp-duty value substitution where substantial banking-channel consideration was received before Section 43...
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.
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