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 dismissed the appeal and upheld the Adjudicating Authority's finding that the Section 7 petition was maintainable. The Tribunal held the Financial Creditor proved acknowledgment, part-payments and documentary confirmations giving rise to fresh causes of action under Section 25(3) of the Indian Contract Act and/or fresh limitation under Sections 18 and 19 of the Limitation Act, 1963; alternatively, limitation was suspended under Section 17 until discovery of the fraud on 27.12.2019, with the petition filed within one year thereafter. The Appellant was found complicit in concealing defaults; equitable bars were rejected and the Company Petition was held not time-barred. Appeal dismissed.
NCLAT dismissed the appeal and upheld the Adjudicating Authority's finding that the Section 7 petition was maintainable. The Tribunal held the Financial Creditor proved acknowledgment, part-payments and documentary confirmations giving rise to fresh causes of action under Section 25(3) of the Indian Contract Act and/or fresh limitation under Sections 18 and 19 of the Limitation Act, 1963; alternatively, limitation was suspended under Section 17 until discovery of the fraud on 27.12.2019, with the petition filed within one year thereafter. The Appellant was found complicit in concealing defaults; equitable bars were rejected and the Company Petition was held not time-barred. Appeal dismissed.
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