Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
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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