Transfer of going concern and transfer of input tax credit under GST allowed; exemption applies though interstate ledger transfers left to authorities...
Concessional Basic Customs Duty on Ethernet switches: classification as enterprise switches upheld, challenge dismissed for lack of substantial law qu...
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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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