Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
NCLAT dismissed the appeal and affirmed the Adjudicating Authority's admission of the Section 7 petition under the IBC, 2016. The Tribunal held that the Financial Creditor proved existence of a financial debt (s.5(8)) and default (s.3(12)) as at the NPA date (30.09.2017) exceeding the statutory threshold, relying on bank statements, ZLCC minutes, CIBIL records and successive OTS proposals by the Corporate Debtor which acknowledged liability. The Tribunal found the Section 13(2) notice was not withdrawn and that the Bank's correspondence declining possession proceedings did not negate default. Having considered limitation and other objections, the AA's finding of debt and default was upheld and the appeal dismissed.
NCLAT dismissed the appeal and affirmed the Adjudicating Authority's admission of the Section 7 petition under the IBC, 2016. The Tribunal held that the Financial Creditor proved existence of a financial debt (s.5(8)) and default (s.3(12)) as at the NPA date (30.09.2017) exceeding the statutory threshold, relying on bank statements, ZLCC minutes, CIBIL records and successive OTS proposals by the Corporate Debtor which acknowledged liability. The Tribunal found the Section 13(2) notice was not withdrawn and that the Bank's correspondence declining possession proceedings did not negate default. Having considered limitation and other objections, the AA's finding of debt and default was upheld and the appeal dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
