Pharmaceutical promotion and transfer-pricing comparability principles limited disallowances, while uncorroborated search allegations and unsupported ...
Business expenditure substantiation supports scrap credits, statutory payments and expense claims, while depreciation requires proof of actual busines...
NCLAT held that the operational creditor's Section 9 application was not maintainable due to failure to meet the statutory threshold limit of Rs 1 crore. The tribunal found prima facie evidence of suppressed payments and manipulated ledger accounts. By factoring in subsequent payments made by the corporate debtor after the critical date, the outstanding debt fell below the prescribed minimum limit. The appellate tribunal determined that the adjudicating authority was misled into initiating corporate insolvency resolution process (CIRP) ex parte. Consequently, the appeal was admitted, and the CIRP triggering was deemed unwarranted, effectively setting aside the earlier order.
NCLAT held that the operational creditor's Section 9 application was not maintainable due to failure to meet the statutory threshold limit of Rs 1 crore. The tribunal found prima facie evidence of suppressed payments and manipulated ledger accounts. By factoring in subsequent payments made by the corporate debtor after the critical date, the outstanding debt fell below the prescribed minimum limit. The appellate tribunal determined that the adjudicating authority was misled into initiating corporate insolvency resolution process (CIRP) ex parte. Consequently, the appeal was admitted, and the CIRP triggering was deemed unwarranted, effectively setting aside the earlier order.
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