Condonation of Delay: Tribunal directed condonation where rectification proceedings were pursued, ordering merits adjudication after opportunity to be...
Restriction of Input Tax Credit under Rule 86A applies only to fraudulently or ineligible availed credit; mere wrongful recipient availment is insuffi...
Under the IBC, a written loan agreement is not a sine qua non for proving financial debt; debt and default may be established from contemporaneous records such as bank statements, acknowledgements, promissory notes, TDS on interest and post-dated cheques, so rejection solely for absence of a written contract is unsustainable. Withdrawal of an earlier Section 7 petition without leave does not bar a fresh petition when a subsequent breach of settlement creates a new cause of action, and res judicata does not apply in that situation. The adjudicating authority's role is limited to verifying debt and default from the record, and where material supports both, admission of the petition follows.
Under the IBC, a written loan agreement is not a sine qua non for proving financial debt; debt and default may be established from contemporaneous records such as bank statements, acknowledgements, promissory notes, TDS on interest and post-dated cheques, so rejection solely for absence of a written contract is unsustainable. Withdrawal of an earlier Section 7 petition without leave does not bar a fresh petition when a subsequent breach of settlement creates a new cause of action, and res judicata does not apply in that situation. The adjudicating authority's role is limited to verifying debt and default from the record, and where material supports both, admission of the petition follows.
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