Appeal allowed; impugned order quashed as regulator failed to prove nexus or manipulative scheme; sale genuine - s.12A(a)-(c), Regs 3(a)-(d),4(1),4(2)...
Appellant's ring-back tone service held OIDAR, taxable domestically for 01.07.2012-31.07.2016; liability confirmed, penalties vacated, remanded for re...
NCLAT dismissed the appeal filed under Section 61 IBC by the appellant, a shareholder and preference shareholder of the corporate debtor, challenging the NCLT order admitting the Section 7 application and initiating CIRP. Relying on the larger Bench decision in Park Energy, the Tribunal held that a shareholder, even a majority or preference shareholder, without contractual debt rights or direct legal injury, is not a "person aggrieved" under Section 61 and has no locus to appeal. NCLAT further held that the corporate debtor's liability as a corporate guarantor constituted a valid financial debt in default, and the admission order suffered from no legal or procedural infirmity.
NCLAT dismissed the appeal filed under Section 61 IBC by the appellant, a shareholder and preference shareholder of the corporate debtor, challenging the NCLT order admitting the Section 7 application and initiating CIRP. Relying on the larger Bench decision in Park Energy, the Tribunal held that a shareholder, even a majority or preference shareholder, without contractual debt rights or direct legal injury, is not a "person aggrieved" under Section 61 and has no locus to appeal. NCLAT further held that the corporate debtor's liability as a corporate guarantor constituted a valid financial debt in default, and the admission order suffered from no legal or procedural infirmity.
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