Opportunity to respond to jurisdictional reports is mandatory before customs settlement duty enhancement; connected applications require consistent ad...
Specific customs headings for scaffolding components prevail over general classification, invalidating misclassification proceedings and enabling with...
Liquidator appointment under Section 34 requires consideration of creditor recommendations, valid professional authorisation, and preservation of vali...
Income-tax exemption for specified regulatory fees and government grants applies subject to non-commercial activity and continuing compliance conditio...
Digital accessibility audit and remediation deadlines extended, while all other disability-compliance obligations for regulated entities remain unchan...
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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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