Concessional Basic Customs Duty on Ethernet switches: classification as enterprise switches upheld, challenge dismissed for lack of substantial law qu...
Insolvency petition based on admitted debt and default upheld; challenge for malicious initiation rejected, settlement may proceed under resolution fr...
Quashing of FIR and challenge to ECIR over alleged diversion of funds and preferential ESOP pricing dismissed after prima facie money-laundering findi...
A Section 7 application was rejected as time-barred, raising issues whether the claimant was a financial creditor and whether the claim was within limitation. The underlying contract treated the trade advance as converting into a debt carrying time value of money upon default, satisfying the statutory elements of "financial debt"; consequently, the claimant was correctly classified as a financial creditor. On limitation, the exclusion/extension period directed in the SC suo motu proceedings required adding the balance limitation from 15.03.2020 to 01.03.2022, rendering the filing within time; therefore, the rejection on limitation was unsustainable and the appeal was allowed. - NCLAT
A Section 7 application was rejected as time-barred, raising issues whether the claimant was a financial creditor and whether the claim was within limitation. The underlying contract treated the trade advance as converting into a debt carrying time value of money upon default, satisfying the statutory elements of "financial debt"; consequently, the claimant was correctly classified as a financial creditor. On limitation, the exclusion/extension period directed in the SC suo motu proceedings required adding the balance limitation from 15.03.2020 to 01.03.2022, rendering the filing within time; therefore, the rejection on limitation was unsustainable and the appeal was allowed. - NCLAT
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