Mark-to-Market losses on principal-protected debentures are deductible as business expenditure when the obligation is crystallized under mercantile ac...
Pre-existing disputes and timing of default were decisive: contemporaneous communications and invoices showed plausible disputes on invoices, taxes and reconciliations requiring investigation, and applying the Mobilox and Sabarmati plausibility standard the insolvency petition was not maintainable on that ground. Separately, the contract stipulated default accrual only after a 365-day period from amount becoming due, making the demand notice prima facie premature as no default had occurred on the notice date. The adjudicating authority's rejection of the petition was therefore upheld.
Pre-existing disputes and timing of default were decisive: contemporaneous communications and invoices showed plausible disputes on invoices, taxes and reconciliations requiring investigation, and applying the Mobilox and Sabarmati plausibility standard the insolvency petition was not maintainable on that ground. Separately, the contract stipulated default accrual only after a 365-day period from amount becoming due, making the demand notice prima facie premature as no default had occurred on the notice date. The adjudicating authority's rejection of the petition was therefore upheld.
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