Transfer pricing comparability requires functional alignment, reliable financial data, and careful review of working capital and receivables adjustmen...
Transfer pricing rules require benchmarking corporate guarantees and associated-enterprise advances, while invalid domestic-transaction adjustments ca...
Prospective sugar export prohibition required registered letters of credit; private contracts and export quotas created no enforceable continuation ri...
Retroactive interim-moratorium exclusion permits protective asset disclosure and preservation measures against personal guarantors pending arbitration...
An application under Section 7 of the Insolvency and Bankruptcy Code is governed by Article 137 of the Limitation Act, and time runs from the date of default. The Court held that limitation began when the accounts were classified as NPA on 06.12.2016, not from the later end of SARFAESI proceedings. After excluding the moratorium period under Section 60(6) and the Covid-related exclusion orders, the petition was still filed beyond the remaining limitation period and was time-barred. The Court also held that admission of a claim by the IRP/RP is only an administrative act and does not amount to acknowledgment under Section 18 of the Limitation Act, which requires a conscious admission by the debtor or authorised person before limitation expires.
An application under Section 7 of the Insolvency and Bankruptcy Code is governed by Article 137 of the Limitation Act, and time runs from the date of default. The Court held that limitation began when the accounts were classified as NPA on 06.12.2016, not from the later end of SARFAESI proceedings. After excluding the moratorium period under Section 60(6) and the Covid-related exclusion orders, the petition was still filed beyond the remaining limitation period and was time-barred. The Court also held that admission of a claim by the IRP/RP is only an administrative act and does not amount to acknowledgment under Section 18 of the Limitation Act, which requires a conscious admission by the debtor or authorised person before limitation expires.
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