International transaction characterisation of domestic divestment of support services business rejected; transaction between resident associated enter...
Minimum Import Price restrictions for Black Pepper, Areca-nuts and Apples upheld; procedural laying failure not fatal, notifications to be placed befo...
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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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