PMLA anticipatory bail requires satisfaction of twin conditions, while predicate-offence protection does not extend to independent money-laundering pr...
School-affiliation charges remain taxable where not directly connected with examinations, while extended limitation requires proof of deliberate tax e...
Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
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NCLAT allowed the corporate debtor's appeal and set aside the NCLT order admitting the s.9 IBC application and initiating CIRP. It held that the corporate debtor was only a facilitator under a purchase finance arrangement, not a purchaser of goods, and that payments were routed to the financier subsidiary in terms of the agreed structure. Ledger entries and admitted payments disproved any operational debt or default towards the operational creditor, rendering its claim unfounded. The defence could not be termed "moonshine". The Tribunal rejected the contention that change of registered office ousted its jurisdiction, and dismissed the s.9 application.
NCLAT allowed the corporate debtor's appeal and set aside the NCLT order admitting the s.9 IBC application and initiating CIRP. It held that the corporate debtor was only a facilitator under a purchase finance arrangement, not a purchaser of goods, and that payments were routed to the financier subsidiary in terms of the agreed structure. Ledger entries and admitted payments disproved any operational debt or default towards the operational creditor, rendering its claim unfounded. The defence could not be termed "moonshine". The Tribunal rejected the contention that change of registered office ousted its jurisdiction, and dismissed the s.9 application.
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