Enforcement of resolution-plan directions continues without a Supreme Court stay, preventing suspension of redistribution and escrowed-fund distributi...
Third-party ownership claims over attached property require Special Court adjudication where purchasers lack registered sale deeds and bona fides rema...
Pure-agent reimbursements in clearing and forwarding services are excluded from taxable value when qualifying third-party payments are properly record...
Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
Existence of debt and default is the determinative test for admitting a financial creditor's Section 7 application; once debt and default are established the Adjudicating Authority need not determine exact quantum and must admit if the petition is complete. The tribunal found the financial creditor's calculations showed the statutory threshold was met and that acknowledgments in accounts can extend limitation under the Limitation Act. The COVID-19 exclusion of limitation was applied so limitation recommenced from 01.03.2022, rendering the Section 7 filing timely. The appeal was dismissed for lack of merit and for negligent conduct by the appellant.
Existence of debt and default is the determinative test for admitting a financial creditor's Section 7 application; once debt and default are established the Adjudicating Authority need not determine exact quantum and must admit if the petition is complete. The tribunal found the financial creditor's calculations showed the statutory threshold was met and that acknowledgments in accounts can extend limitation under the Limitation Act. The COVID-19 exclusion of limitation was applied so limitation recommenced from 01.03.2022, rendering the Section 7 filing timely. The appeal was dismissed for lack of merit and for negligent conduct by the appellant.
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