TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
Functional comparability governs software-service benchmarking: dissimilar companies are excluded, while related-party filters, margins and working-ca...
NCLAT held that the amount disbursed by the Appellant NBFC to the Respondent corporate entity constituted a "financial debt" under S.5(8) IBC, as it was a commercial borrowing for time value of money, and any breach of RBI guidelines did not negate its character as financial debt. Relying on the real nature of the transaction, as evidenced by bank statements, post-dated cheques and correspondence acknowledging liability and interest, NCLAT found the debt remained unpaid. The order of the Adjudicating Authority dated 31.03.2022 rejecting the S.7 application was set aside, and the S.7 petition revived. In the interest of justice, the Corporate Debtor was granted three months to discharge the outstanding debt with 8% interest and file proof before the Adjudicating Authority.
NCLAT held that the amount disbursed by the Appellant NBFC to the Respondent corporate entity constituted a "financial debt" under S.5(8) IBC, as it was a commercial borrowing for time value of money, and any breach of RBI guidelines did not negate its character as financial debt. Relying on the real nature of the transaction, as evidenced by bank statements, post-dated cheques and correspondence acknowledging liability and interest, NCLAT found the debt remained unpaid. The order of the Adjudicating Authority dated 31.03.2022 rejecting the S.7 application was set aside, and the S.7 petition revived. In the interest of justice, the Corporate Debtor was granted three months to discharge the outstanding debt with 8% interest and file proof before the Adjudicating Authority.
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