Electronic WhatsApp evidence without authentication or independent corroboration cannot sustain an unexplained-investment addition based on third-part...
Mutual current-account transactions excluded from deemed dividend treatment where no fresh borrowing arose; unsupported unsecured-loan addition also f...
NCLAT held that the Adjudicating Authority erroneously extended the limitation period based on an arbitral award without a formal amendment to the Section 7 application. The Financial Creditor failed to formally change the date of default from 12.11.2018 through an amendment petition. Despite acknowledging the Supreme Court's precedent on arbitral awards constituting financial debt, the Tribunal found procedural irregularities in extending limitation. The matter was remanded to the Adjudicating Authority to reconsider the Section 7 application on merits, allowing potential amended pleadings by the Financial Creditor, thereby preserving the right to a substantive hearing while maintaining procedural integrity.
NCLAT held that the Adjudicating Authority erroneously extended the limitation period based on an arbitral award without a formal amendment to the Section 7 application. The Financial Creditor failed to formally change the date of default from 12.11.2018 through an amendment petition. Despite acknowledging the Supreme Court's precedent on arbitral awards constituting financial debt, the Tribunal found procedural irregularities in extending limitation. The matter was remanded to the Adjudicating Authority to reconsider the Section 7 application on merits, allowing potential amended pleadings by the Financial Creditor, thereby preserving the right to a substantive hearing while maintaining procedural integrity.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
