Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
NCLAT dismissed the Section 7 application filed by the Appellant-Debenture Trustee against the Corporate Debtor. The Tribunal found no valid debt due or payable during the moratorium period until September 2023. The court determined that the Appellant's intent was not genuine insolvency resolution but a malafide attempt to coerce the Corporate Debtor into insolvency proceedings. The Appellant's conduct, including releasing property charges and funds under a restructuring proposal, demonstrated prior agreement to a moratorium. Consequently, the Tribunal upheld the Adjudicating Authority's decision, concluding that the Section 7 application was improperly motivated and therefore not admissible, effectively protecting the Corporate Debtor from unwarranted insolvency proceedings.
NCLAT dismissed the Section 7 application filed by the Appellant-Debenture Trustee against the Corporate Debtor. The Tribunal found no valid debt due or payable during the moratorium period until September 2023. The court determined that the Appellant's intent was not genuine insolvency resolution but a malafide attempt to coerce the Corporate Debtor into insolvency proceedings. The Appellant's conduct, including releasing property charges and funds under a restructuring proposal, demonstrated prior agreement to a moratorium. Consequently, the Tribunal upheld the Adjudicating Authority's decision, concluding that the Section 7 application was improperly motivated and therefore not admissible, effectively protecting the Corporate Debtor from unwarranted insolvency proceedings.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4788
Join Channel
TaxTMI 
