Restriction of Input Tax Credit under Rule 86A applies only to fraudulently or ineligible availed credit; mere wrongful recipient availment is insuffi...
Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
The text addresses the applicability of the moratorium bar on initiating corporate insolvency where the default predated the moratorium, holding the bar inapplicable and a Section 7 application admissible. It clarifies that alleged novation by restructuring did not crystallise due to unmet preconditions and part payments did not discharge the debt, so the adjudicating authority's admission enquiry is limited to existence of financial debt and default. Commercial judgments of the committee of creditors are non-justiciable, and settlement efforts or interim stays cannot obstruct a timely CIRP; specified deposit and guarantee conditions for a temporary stall were vacated.
The text addresses the applicability of the moratorium bar on initiating corporate insolvency where the default predated the moratorium, holding the bar inapplicable and a Section 7 application admissible. It clarifies that alleged novation by restructuring did not crystallise due to unmet preconditions and part payments did not discharge the debt, so the adjudicating authority's admission enquiry is limited to existence of financial debt and default. Commercial judgments of the committee of creditors are non-justiciable, and settlement efforts or interim stays cannot obstruct a timely CIRP; specified deposit and guarantee conditions for a temporary stall were vacated.
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