Co-operative credit society deduction on bank deposit interest upheld where funds were business funds and income remained attributable to member credi...
Transfer pricing benchmarking and receivables adjustments remanded: segmental financials need proper scrutiny, and foreign-currency interest must trac...
A Section 9 insolvency petition was held not maintainable because the debt attributable to the corporate debtor alone did not meet the statutory minimum threshold under Section 4. The tribunal found that most invoices related to a sole proprietorship concern, while only a small portion stood in the name of the company. It held that the company and the proprietorship were separate legal entities, so liabilities of the proprietorship could not be aggregated with those of the corporate debtor merely because both were managed by the same person. The dismissal of the petition was therefore upheld.
A Section 9 insolvency petition was held not maintainable because the debt attributable to the corporate debtor alone did not meet the statutory minimum threshold under Section 4. The tribunal found that most invoices related to a sole proprietorship concern, while only a small portion stood in the name of the company. It held that the company and the proprietorship were separate legal entities, so liabilities of the proprietorship could not be aggregated with those of the corporate debtor merely because both were managed by the same person. The dismissal of the petition was therefore upheld.
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