Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
The NCLAT dismissed an appeal against admission of a Section 7 application filed by SBI for a default of 1049.72 Crore. The Tribunal found that debt and default were established facts, with the corporate debtor's accounts declared NPA on 26.07.2017 and a loan recall notice issued on 11.01.2019 demanding payment of 2078.04 Crore from consortium lenders. Despite multiple opportunities and interim orders that delayed the CIRP, the appellant failed to produce any accepted one-time settlement proposal. The Tribunal concluded that the corporate debtor was demonstrably unable to clear its debt, making this an appropriate case for insolvency proceedings to continue. The appellant's dilatory tactics and failure to reach settlement justified dismissal of the appeal.
The NCLAT dismissed an appeal against admission of a Section 7 application filed by SBI for a default of 1049.72 Crore. The Tribunal found that debt and default were established facts, with the corporate debtor's accounts declared NPA on 26.07.2017 and a loan recall notice issued on 11.01.2019 demanding payment of 2078.04 Crore from consortium lenders. Despite multiple opportunities and interim orders that delayed the CIRP, the appellant failed to produce any accepted one-time settlement proposal. The Tribunal concluded that the corporate debtor was demonstrably unable to clear its debt, making this an appropriate case for insolvency proceedings to continue. The appellant's dilatory tactics and failure to reach settlement justified dismissal of the appeal.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
