Concessional Basic Customs Duty on Ethernet switches: classification as enterprise switches upheld, challenge dismissed for lack of substantial law qu...
Insolvency petition based on admitted debt and default upheld; challenge for malicious initiation rejected, settlement may proceed under resolution fr...
Quashing of FIR and challenge to ECIR over alleged diversion of funds and preferential ESOP pricing dismissed after prima facie money-laundering findi...
Rs. 13.20 crores disbursed to the corporate debtor was held to constitute 'financial debt' under Section 5(8)(f) of the IBC because the agreement required repayment and a 50% share of project profit as consideration, giving the transaction the commercial effect of a borrowing; outcome: treated as financial debt. The creditor established default when the corporate debtor terminated the agreement and failed to refund the disbursed amounts; outcome: debt became due and default occurred. Pendency of arbitral proceedings did not bar initiation or admission of a CIRP petition where debt and default are otherwise made out; outcome: Section 7 admission affirmed.
Rs. 13.20 crores disbursed to the corporate debtor was held to constitute 'financial debt' under Section 5(8)(f) of the IBC because the agreement required repayment and a 50% share of project profit as consideration, giving the transaction the commercial effect of a borrowing; outcome: treated as financial debt. The creditor established default when the corporate debtor terminated the agreement and failed to refund the disbursed amounts; outcome: debt became due and default occurred. Pendency of arbitral proceedings did not bar initiation or admission of a CIRP petition where debt and default are otherwise made out; outcome: Section 7 admission affirmed.
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