Drawings/designs supply and erection supervision fees from German contractor: designs non-taxable; supervision taxed as FTS/PE depending on six-month ...
Imported analyser diagnostic cartridges treated as accessories with analyser system, not standalone diagnostic reagents; extended limitation and penal...
Steel-timber construction shuttering/formwork tariff classification dispute: essential character held steel, classified as shuttering under Heading 73...
NCLAT upheld the NCLT's rejection of a S.7 IBC application filed by the Appellant against the Corporate Debtor, holding that the underlying transaction did not constitute "financial debt." On examining the MoU dated 07.08.2013, the Appellate Tribunal found the arrangement to be in the nature of a joint development/joint venture for a real estate project, with the Appellant acting as developer and funds advanced as project-related payments, not as a loan or financial facility carrying time value of money. Consequently, default under S.7 was not established and CIRP could not be initiated. NCLAT clarified that dismissal of the S.7 application would not prejudice the Appellant's pending commercial suit for monetary recovery before the Delhi High Court, which may proceed independently in accordance with law.
NCLAT upheld the NCLT's rejection of a S.7 IBC application filed by the Appellant against the Corporate Debtor, holding that the underlying transaction did not constitute "financial debt." On examining the MoU dated 07.08.2013, the Appellate Tribunal found the arrangement to be in the nature of a joint development/joint venture for a real estate project, with the Appellant acting as developer and funds advanced as project-related payments, not as a loan or financial facility carrying time value of money. Consequently, default under S.7 was not established and CIRP could not be initiated. NCLAT clarified that dismissal of the S.7 application would not prejudice the Appellant's pending commercial suit for monetary recovery before the Delhi High Court, which may proceed independently in accordance with law.
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