Revisability of return invalidation communications under tax procedure affirmed, impugned non revisional finding quashed and matter remitted for fresh...
Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
Classification of knocked down motor vehicle component imports: Notification benefit denied because items are standalone non kit parts requiring subst...
NCLAT held that a Section 7 CIRP application was not maintainable because the appellant failed to establish a financial debt under Section 5(8). The record did not show any disbursement to the corporate debtor against consideration for time value of money, or any transaction giving the alleged loan the commercial effect of borrowing; the appellant had borrowed in her own name against mortgage of her flat and repaid that loan herself. Authorities dealing with promoter support or guarantor recourse were found inapplicable. The rejection of the Section 7 application was therefore upheld, without prejudice to any other remedy available in law.
NCLAT held that a Section 7 CIRP application was not maintainable because the appellant failed to establish a financial debt under Section 5(8). The record did not show any disbursement to the corporate debtor against consideration for time value of money, or any transaction giving the alleged loan the commercial effect of borrowing; the appellant had borrowed in her own name against mortgage of her flat and repaid that loan herself. Authorities dealing with promoter support or guarantor recourse were found inapplicable. The rejection of the Section 7 application was therefore upheld, without prejudice to any other remedy available in law.
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