Market value for captive electricity consumption follows industrial consumer tariffs, supporting profit computation for the power generation deduction...
Provisional release of seized imports requires enhanced duty payment, bank guarantee and disclosures while customs adjudication proceeds independently...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4827 
Join Channel 
