Service of notice and contractual debt acknowledgment preserved insolvency admission against a corporate guarantor despite limitation and natural just...
Original works exemption excludes standalone boulder transportation, leaving subcontracted railway-project transport services subject to service tax l...
Annual production capacity determinations excluding stenter galleries support refunds for unconstitutional excise levies without an unjust-enrichment ...
Vicarious liability for cheque dishonour requires specific allegations of responsibility and cheque signatory; generic director allegations cannot sus...
IT Resilience Index requires market infrastructure institutions to automate resilience scoring, early warnings, and continuous service-delivery monito...
NCLAT dismissed the appeal challenging a Section 7 insolvency application filed by Indian Bank. Despite holding only 2.47% share in the consortium lending, the bank was deemed entitled to initiate insolvency proceedings. The tribunal found the corporate debtor's default undisputed, and rejected alternative debt resolution proposals submitted by the appellant due to lack of tied-up funding and contingent financial sources. The National Company Law Appellate Tribunal affirmed the Adjudicating Authority's order, holding that the minimal lending proportion does not preclude the bank from pursuing legal remedies under the Insolvency and Bankruptcy Code. The appeal was consequently dismissed, maintaining the original Section 7 application's admission.
NCLAT dismissed the appeal challenging a Section 7 insolvency application filed by Indian Bank. Despite holding only 2.47% share in the consortium lending, the bank was deemed entitled to initiate insolvency proceedings. The tribunal found the corporate debtor's default undisputed, and rejected alternative debt resolution proposals submitted by the appellant due to lack of tied-up funding and contingent financial sources. The National Company Law Appellate Tribunal affirmed the Adjudicating Authority's order, holding that the minimal lending proportion does not preclude the bank from pursuing legal remedies under the Insolvency and Bankruptcy Code. The appeal was consequently dismissed, maintaining the original Section 7 application's admission.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
