Classification of imported salvaged shaft pieces as ship parts confirmed, reassessment time-barred and appeal allowed restoring original classificatio...
Scope of intermediary status for data hosting services: tribunal finds provider not intermediary, services exported and not taxable, limited remand on...
CENVAT credit availability after omission of Rule 12B in textiles confirmed; late addendum to SCN introducing new grounds held time-barred and invalid...
Export of Wheat Flour and related products subject to online allocation, eligibility criteria, non-transferable six-month authorisations and reporting...
The dominant issue was whether the applicant qualified as a financial creditor on the basis of an alleged corporate guarantee. The tribunal held that no valid and enforceable guarantee was proved because reliance on a master loan clause, absent a separate guarantee deed, prior invocation, or authorising board resolution, did not establish a binding guarantee or a financial debt under s. 5(8)(i) IBC; accordingly, the claim was rightly rejected. It further held that the claim was time-barred and could not be entertained after resolution plan approval, and that filing the same admitted debt in two CIRPs without safeguards against double recovery was impermissible duplication; hence the appeal was dismissed - NCLAT
The dominant issue was whether the applicant qualified as a financial creditor on the basis of an alleged corporate guarantee. The tribunal held that no valid and enforceable guarantee was proved because reliance on a master loan clause, absent a separate guarantee deed, prior invocation, or authorising board resolution, did not establish a binding guarantee or a financial debt under s. 5(8)(i) IBC; accordingly, the claim was rightly rejected. It further held that the claim was time-barred and could not be entertained after resolution plan approval, and that filing the same admitted debt in two CIRPs without safeguards against double recovery was impermissible duplication; hence the appeal was dismissed - NCLAT
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