Benami transaction and beneficial ownership: documentary and circumstantial evidence show payors were true beneficiaries, resulting in PBPTA consequen...
Denial of Preferential Treatment under SAFTA overturned where unchallenged Country of Origin certificate warranted exemption under Notification benefi...
Treatment of a creditors claim as contingent liability versus classification as an unsecured creditor determined whether the Adjudicating Authority must admit a Section 9 petition; the Authority is obliged to decide existence of debt, default and any pre-existing dispute, and if debt and default are proved with no dispute, admit the petition. Contingent liabilities require crystallisation before becoming due, a process not shown by the respondent, undermining its contingent classification; binding effect of a BIFR-sanctioned rehabilitation scheme on unsecured creditors does not apply where the claim remained contingent. Appeal allowed and matter restored for fresh adjudication on debt, default and dispute.
Treatment of a creditors claim as contingent liability versus classification as an unsecured creditor determined whether the Adjudicating Authority must admit a Section 9 petition; the Authority is obliged to decide existence of debt, default and any pre-existing dispute, and if debt and default are proved with no dispute, admit the petition. Contingent liabilities require crystallisation before becoming due, a process not shown by the respondent, undermining its contingent classification; binding effect of a BIFR-sanctioned rehabilitation scheme on unsecured creditors does not apply where the claim remained contingent. Appeal allowed and matter restored for fresh adjudication on debt, default and dispute.
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