Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
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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