Dependent Agent PE unresolved for lack of factual inquiry; arm's-length distribution accepted; royalty claim rejected; 15% refund interest (Section 24...
Exemption under s.10(23C)(iiiad) upheld; appeal allowed, interest and dividends excluded from annual receipts, disallowance deleted, capital gains exe...
NCLAT upheld the Adjudicating Authority's admission of the Section 7 application, dismissing the appeal. The Tribunal found that the respondent's disbursal of Rs.1,00,00,000 on 20.11.2010, consistently recorded in the corporate debtor's balance sheets as "other long-term liabilities," establishes a financial debt within the meaning of Section 5(8) IBC; the time value of money requirement is satisfied. The appellant's retrospective assertion of a consultancy advance, supported only by a pro forma invoice dated nearly two years after disbursement and a belated claim before the liquidator, was held to be unsubstantiated and inherently improbable. Debt and default were found proved; no interference with the admission order was warranted.
NCLAT upheld the Adjudicating Authority's admission of the Section 7 application, dismissing the appeal. The Tribunal found that the respondent's disbursal of Rs.1,00,00,000 on 20.11.2010, consistently recorded in the corporate debtor's balance sheets as "other long-term liabilities," establishes a financial debt within the meaning of Section 5(8) IBC; the time value of money requirement is satisfied. The appellant's retrospective assertion of a consultancy advance, supported only by a pro forma invoice dated nearly two years after disbursement and a belated claim before the liquidator, was held to be unsubstantiated and inherently improbable. Debt and default were found proved; no interference with the admission order was warranted.
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