Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
A Section 9 IBC application by an operational creditor is liable to be rejected where the information utility record reflects a dispute, since Section 9 is a summary remedy for undisputed operational debt and Section 9(5)(ii)(d) mandates rejection upon existence of dispute. As the operational creditor itself produced the information utility certificate showing a recorded dispute, the adjudicating authority erred in admitting the application without addressing that statutory bar; the admission order was set aside and the Section 9 application rejected. Independently, a pre-existing dispute was evident from the corporate debtor's reply to the demand notice disputing liability, attracting Section 9(5)(ii)(d); the appeal was allowed. - NCLAT
A Section 9 IBC application by an operational creditor is liable to be rejected where the information utility record reflects a dispute, since Section 9 is a summary remedy for undisputed operational debt and Section 9(5)(ii)(d) mandates rejection upon existence of dispute. As the operational creditor itself produced the information utility certificate showing a recorded dispute, the adjudicating authority erred in admitting the application without addressing that statutory bar; the admission order was set aside and the Section 9 application rejected. Independently, a pre-existing dispute was evident from the corporate debtor's reply to the demand notice disputing liability, attracting Section 9(5)(ii)(d); the appeal was allowed. - NCLAT
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