Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
Goods Transport Agency services via e commerce portals: consignment note creates custody and liability and enables exemption for unregistered recipien...
Debt arising under a Del Credere Agent arrangement was held to qualify as "operational debt" under ss. 5(20)-5(21) IBC because the agent assumed responsibility for procurement, supply, invoicing, receipt of payments, and statutory compliance, and became financially liable to the supplier upon the corporate debtor's default, giving it an enforceable claim for amounts due; the admission of the s. 9 application was upheld. Objections based on absence of GST returns/e-way bills were treated as procedural and outweighed by invoices, delivery records, payment documents, and debtor admissions establishing supply and liability; privity objections failed as the arrangement operated as a tri-partite understanding by conduct and notification. Contempt was declined as the RP's clarifications were bona fide. Appeal dismissed - NCLAT
Debt arising under a Del Credere Agent arrangement was held to qualify as "operational debt" under ss. 5(20)-5(21) IBC because the agent assumed responsibility for procurement, supply, invoicing, receipt of payments, and statutory compliance, and became financially liable to the supplier upon the corporate debtor's default, giving it an enforceable claim for amounts due; the admission of the s. 9 application was upheld. Objections based on absence of GST returns/e-way bills were treated as procedural and outweighed by invoices, delivery records, payment documents, and debtor admissions establishing supply and liability; privity objections failed as the arrangement operated as a tri-partite understanding by conduct and notification. Contempt was declined as the RP's clarifications were bona fide. Appeal dismissed - NCLAT
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