Condonation of Delay: Tribunal directed condonation where rectification proceedings were pursued, ordering merits adjudication after opportunity to be...
Restriction of Input Tax Credit under Rule 86A applies only to fraudulently or ineligible availed credit; mere wrongful recipient availment is insuffi...
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Crystallization of debt and the effect of undertakings in interlocutory proceedings were examined: interlocutory findings and recorded undertakings lack finality and cannot be extracted to defeat initiation of a corporate insolvency resolution process under the insolvency statute; therefore an observation in a miscellaneous appeal arising from an interlocutory order cannot be relied on to argue non crystallisation of debt. An admission of liability by the debtor amounts to an admission of debt, supporting the creditor's insolvency application. Consequently the appellate challenge to the insolvency initiation was rejected and the appeal dismissed by the NCLAT.
Crystallization of debt and the effect of undertakings in interlocutory proceedings were examined: interlocutory findings and recorded undertakings lack finality and cannot be extracted to defeat initiation of a corporate insolvency resolution process under the insolvency statute; therefore an observation in a miscellaneous appeal arising from an interlocutory order cannot be relied on to argue non crystallisation of debt. An admission of liability by the debtor amounts to an admission of debt, supporting the creditor's insolvency application. Consequently the appellate challenge to the insolvency initiation was rejected and the appeal dismissed by the NCLAT.
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