Assessment time-barred u/s 153 due to missing competent-authority reference for Singapore exchange of information; assessment disallowed as barred by ...
Imported menthol-scented sweet supari classification dispute: seizure quashed, release for home consumption subject to duty bond; bank guarantee refus...
CKD/SKD air-conditioner components classifiable with finished units by essential character; prior advance ruling extended three years, FTA benefits po...
Scope of judicial review under Article 226: supervisory, not appellate; factual reappraisal barred, challenge dismissed; insolvency professional dutie...
The dominant issue was whether a financial creditor's claim in the corporate debtor's CIRP could be rejected merely because the creditor had not invoked the corporate guarantee. Relying on SC precedent distinguishing "claim", "debt" and "default", and holding that enforceability impediments (including moratorium) or non-arising of cause of action to invoke the guarantee do not negate the existence of a claim, the tribunal held that invocation of the guarantee is not a precondition to admission of the claim. Consequently, the impugned order was set aside and the resolution professional was directed to verify and admit the creditor's claim without requiring proof of guarantee invocation; the appeal was allowed. - NCLAT
The dominant issue was whether a financial creditor's claim in the corporate debtor's CIRP could be rejected merely because the creditor had not invoked the corporate guarantee. Relying on SC precedent distinguishing "claim", "debt" and "default", and holding that enforceability impediments (including moratorium) or non-arising of cause of action to invoke the guarantee do not negate the existence of a claim, the tribunal held that invocation of the guarantee is not a precondition to admission of the claim. Consequently, the impugned order was set aside and the resolution professional was directed to verify and admit the creditor's claim without requiring proof of guarantee invocation; the appeal was allowed. - NCLAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4819 
Join Channel 
