Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
Works contract classification governs composite layout-development contracts where VAT-paid goods are transferred alongside construction and infrastru...
Specified income tax exemption for pollution control body remains conditional on non-commercial activity, unchanged income character, and return filin...
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NCLAT dismissed the appeal filed by the alleged creditor, holding that he failed to establish any valid, verifiable financial disbursement to qualify as a financial creditor under Section 5(8)(f) IBC. The claimed payments by cheque and cash were unsupported by bank records, receipts, or other documentary evidence, and the burden of proof lay on the appellant. The RP had lawfully rejected the claim, and the mention of "0% claim admitted" did not amount to its admission. NCLAT further noted indicia of collusion with the erstwhile management and unauthorized occupation of a flat without consideration. As the resolution plan had been approved by NCLT and the statutory period under Section 61(2) IBC had expired, the appellant's belated attempt to reopen or revive his claim was held impermissible. The impugned order was affirmed and the appeal was rejected.
NCLAT dismissed the appeal filed by the alleged creditor, holding that he failed to establish any valid, verifiable financial disbursement to qualify as a financial creditor under Section 5(8)(f) IBC. The claimed payments by cheque and cash were unsupported by bank records, receipts, or other documentary evidence, and the burden of proof lay on the appellant. The RP had lawfully rejected the claim, and the mention of "0% claim admitted" did not amount to its admission. NCLAT further noted indicia of collusion with the erstwhile management and unauthorized occupation of a flat without consideration. As the resolution plan had been approved by NCLT and the statutory period under Section 61(2) IBC had expired, the appellant's belated attempt to reopen or revive his claim was held impermissible. The impugned order was affirmed and the appeal was rejected.
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