Mark-to-Market losses on principal-protected debentures are deductible as business expenditure when the obligation is crystallized under mercantile ac...
Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
The dominant issue was whether a Section 7 application against a corporate guarantor was maintainable when the guarantee deed capped liability at Rs. 75 lakhs, below the Rs. 1 crore threshold under Section 4 IBC. Construing Clauses 1 and 2 strictly as a contractual document, the tribunal held that "not exceeding in the aggregate" fixed an outer ceiling of Rs. 75 lakhs for the entire basket of dues, including principal, interest, and charges, and "all moneys" could not expand liability beyond that cap. Since the capped default could not meet the statutory threshold, the admission order was set aside and CIRP against the corporate guarantor was terminated - NCLAT
The dominant issue was whether a Section 7 application against a corporate guarantor was maintainable when the guarantee deed capped liability at Rs. 75 lakhs, below the Rs. 1 crore threshold under Section 4 IBC. Construing Clauses 1 and 2 strictly as a contractual document, the tribunal held that "not exceeding in the aggregate" fixed an outer ceiling of Rs. 75 lakhs for the entire basket of dues, including principal, interest, and charges, and "all moneys" could not expand liability beyond that cap. Since the capped default could not meet the statutory threshold, the admission order was set aside and CIRP against the corporate guarantor was terminated - NCLAT
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