Transfer pricing comparables and operating income principles applied to software development services, with exclusions, inclusions, and tax credit ver...
Transfer pricing on performance guarantees and overdue receivables deleted where warranty obligations were embedded and working capital adjustment alr...
NCLAT dismissed the appeal challenging the rejection of a Section 9 insolvency application. The operational creditor's default dates (03.05.2020, 15.08.2020, and 01.01.2021) fell within the Section 10A prohibited period under IBC. Consistent with Supreme Court precedent in Ramesh Kymal, the tribunal held that defaults occurring during the specified COVID-19 period cannot form the basis for initiating corporate insolvency resolution proceedings. The tribunal emphasized that the creditor bore the responsibility to amend default dates if required, and the adjudicating authority was not obligated to modify dates sua sponte. Consequently, the Section 9 application was deemed non-maintainable, and the appeal was dismissed without merit.
NCLAT dismissed the appeal challenging the rejection of a Section 9 insolvency application. The operational creditor's default dates (03.05.2020, 15.08.2020, and 01.01.2021) fell within the Section 10A prohibited period under IBC. Consistent with Supreme Court precedent in Ramesh Kymal, the tribunal held that defaults occurring during the specified COVID-19 period cannot form the basis for initiating corporate insolvency resolution proceedings. The tribunal emphasized that the creditor bore the responsibility to amend default dates if required, and the adjudicating authority was not obligated to modify dates sua sponte. Consequently, the Section 9 application was deemed non-maintainable, and the appeal was dismissed without merit.
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