Invoice-based recovery claims remain time-barred despite separate winding-up proceedings, absent valid acknowledgment or part-payment of the disputed ...
Extended limitation fails without specific suppression allegations, while overseas employee secondment remains taxable as manpower supply within norma...
Time-share accommodation classification excludes Club or Association Service where purchasers receive contractual occupancy rights without genuine mem...
CENVAT credit for trading requires reversal, while taxable-service rental credit remains proportionately available and limitation issues await resolut...
Vicarious liability for dishonoured company cheques may extend to non-signatory directors where complaints contain foundational responsibility avermen...
Corporate guarantees executed by the corporate debtor were held to constitute financial debt under Section 5(8) of the Code because liabilities under guarantees for money borrowed against payment of interest fall within that definition. The Court accepted that the guarantees were in existence and had been verified, and held that non-disclosure in financial statements did not defeat the substantive claim. It further held that non-submission before the NCLT was not fatal, since documents could be produced on appeal and the resolution professional was entitled to verify claims. Insufficient stamping was treated as a curable defect, not a ground to render the guarantees unenforceable. The concurrent findings rejecting the claims were found perverse and were set aside, with directions to include the appellants in the committee of creditors.
Corporate guarantees executed by the corporate debtor were held to constitute financial debt under Section 5(8) of the Code because liabilities under guarantees for money borrowed against payment of interest fall within that definition. The Court accepted that the guarantees were in existence and had been verified, and held that non-disclosure in financial statements did not defeat the substantive claim. It further held that non-submission before the NCLT was not fatal, since documents could be produced on appeal and the resolution professional was entitled to verify claims. Insufficient stamping was treated as a curable defect, not a ground to render the guarantees unenforceable. The concurrent findings rejecting the claims were found perverse and were set aside, with directions to include the appellants in the committee of creditors.
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