Reclassification, differential duty, confiscation and penalties quashed where department lacked chemical evidence and improperly reopened past clearan...
Anticipatory bail refused where accused allegedly assaulted and threatened a public servant; custodial interrogation deemed necessary for investigatio...
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 4823 
Join Channel 
