Mark-to-Market losses on principal-protected debentures are deductible as business expenditure when the obligation is crystallized under mercantile ac...
Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
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A Section 9 IBC application cannot be admitted where the record shows a genuine and plausible pre-existing dispute before the demand notice. Applying Mobilox and later decisions, the Court held that the adjudicating authority at this stage only examines whether a plausible contention requiring investigation exists, not the ultimate merits of the dispute. Written complaints about defective supplies, repeated demands for reconciliation of accounts, a prior police complaint, discrepancies in ledger accounts, and shifting stands on the amount due showed no consensus on liability or quantum and indicated more than a sham defence. The NCLT had correctly rejected the application, and the NCLAT was wrong to reverse that finding.
A Section 9 IBC application cannot be admitted where the record shows a genuine and plausible pre-existing dispute before the demand notice. Applying Mobilox and later decisions, the Court held that the adjudicating authority at this stage only examines whether a plausible contention requiring investigation exists, not the ultimate merits of the dispute. Written complaints about defective supplies, repeated demands for reconciliation of accounts, a prior police complaint, discrepancies in ledger accounts, and shifting stands on the amount due showed no consensus on liability or quantum and indicated more than a sham defence. The NCLT had correctly rejected the application, and the NCLAT was wrong to reverse that finding.
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