Vicarious liability for dishonoured company cheques may extend to non-signatory directors where complaints contain foundational responsibility avermen...
Charitable registration turns on predominant purpose and genuine activities, while incidental fees and related-party rent require supporting adverse m...
MAT book-profit adjustments exclude disallowances for exempt-income expenditure and demerger expenditure unless expressly listed under the statutory c...
Admission of a Section 7 insolvency application may be deferred only where relevant facts justify restraint, including the amount awarded, the wider debt position, and the corporate debtor's financial health and viability. Applying Vidarbha Industries Power Ltd., the Appellate Tribunal noted that the debt extended to consortium lenders, the execution claim was far below the admitted consortium debt, and the corporate debtor was only a project SPV with no independent business or income and no financial viability after takeover of the project. On those facts, the arbitral award in favour of the corporate debtor did not justify refusal or deferral of CIRP admission, and the Section 7 admission was upheld.
Admission of a Section 7 insolvency application may be deferred only where relevant facts justify restraint, including the amount awarded, the wider debt position, and the corporate debtor's financial health and viability. Applying Vidarbha Industries Power Ltd., the Appellate Tribunal noted that the debt extended to consortium lenders, the execution claim was far below the admitted consortium debt, and the corporate debtor was only a project SPV with no independent business or income and no financial viability after takeover of the project. On those facts, the arbitral award in favour of the corporate debtor did not justify refusal or deferral of CIRP admission, and the Section 7 admission was upheld.
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