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...
Financial default and threshold: Tribunal found the financial creditor proved debt and default under the loan agreements and that the default amount exceeded the statutory threshold, therefore the adjudicating authority's initiation of CIRP was justified - order upheld. Scope of CIRP and relevance of securities: holding that where securities are confined to specified projects, CIRP and the moratorium cannot engulf unrelated projects; CIRP is limited to projects listed in the security/sanction documents (Mother City Lucknow, Mother City Extension including Sushant Golf City, and specified Ajmer, Jodhpur and Jaipur projects) and must proceed project-wise with resolution modality to be determined by the adjudicating authority. - NCLAT
Financial default and threshold: Tribunal found the financial creditor proved debt and default under the loan agreements and that the default amount exceeded the statutory threshold, therefore the adjudicating authority's initiation of CIRP was justified - order upheld. Scope of CIRP and relevance of securities: holding that where securities are confined to specified projects, CIRP and the moratorium cannot engulf unrelated projects; CIRP is limited to projects listed in the security/sanction documents (Mother City Lucknow, Mother City Extension including Sushant Golf City, and specified Ajmer, Jodhpur and Jaipur projects) and must proceed project-wise with resolution modality to be determined by the adjudicating authority. - NCLAT
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