Assessment time-barred u/s 153 due to missing competent-authority reference for Singapore exchange of information; assessment disallowed as barred by ...
Imported menthol-scented sweet supari classification dispute: seizure quashed, release for home consumption subject to duty bond; bank guarantee refus...
CKD/SKD air-conditioner components classifiable with finished units by essential character; prior advance ruling extended three years, FTA benefits po...
Scope of judicial review under Article 226: supervisory, not appellate; factual reappraisal barred, challenge dismissed; insolvency professional dutie...
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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