Retrospective cancellation of charitable registration under section 12AB(4) was unsustainable; related-party benefit allegations did not prove nongenu...
Merger control notice and disclosure rules: Supreme Court limits penalties, rejects reopening of approved combination, and sets aside adverse findings...
Page of 4807
Press 'Enter' after typing page number.
2741 to 2760 of 96140 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
NCLAT dismissed the appeal and upheld the AA's rejection of a Section 7 IBC petition seeking admission of a Rs 1 crore claim as financial debt. The Tribunal affirmed that disbursal, time-value and commercial effect can constitute financial debt even if interest is not charged and absence of a written contract is not determinative. However, the AA correctly found that default and exigibility of the debt were not established: the asserted date of default tied to completion of a project was disputed and the debt was not shown to be due and payable. No infirmity was found in the impugned order; the appeal was dismissed.
NCLAT dismissed the appeal and upheld the AA's rejection of a Section 7 IBC petition seeking admission of a Rs 1 crore claim as financial debt. The Tribunal affirmed that disbursal, time-value and commercial effect can constitute financial debt even if interest is not charged and absence of a written contract is not determinative. However, the AA correctly found that default and exigibility of the debt were not established: the asserted date of default tied to completion of a project was disputed and the debt was not shown to be due and payable. No infirmity was found in the impugned order; the appeal was dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4807 
Join Channel 
