Charitable registration turns on predominant purpose and genuine activities, while incidental fees and related-party rent require supporting adverse m...
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Omitted specified domestic transaction provision invalidates related-party expenditure transfer-pricing references and assessments based on consequent...
An NCLAT decision held that a post-reservation application seeking leave to deposit the entire claimed debt could not be ignored when it had already been taken on record, notice had been issued, and it was fixed for later consideration. Because the admission of the section 7 insolvency petition was made without addressing that pending application and the proposed full deposit, the admission order was set aside as unsustainable. The Tribunal also held that section 12A did not apply, since there was no settlement between the parties; the matter involved only a unilateral offer by the corporate debtor to deposit the claimed amount. The appeal was allowed, and payment was directed subject to the debtor's entitlement being finally determined in the pending recovery proceedings.
An NCLAT decision held that a post-reservation application seeking leave to deposit the entire claimed debt could not be ignored when it had already been taken on record, notice had been issued, and it was fixed for later consideration. Because the admission of the section 7 insolvency petition was made without addressing that pending application and the proposed full deposit, the admission order was set aside as unsustainable. The Tribunal also held that section 12A did not apply, since there was no settlement between the parties; the matter involved only a unilateral offer by the corporate debtor to deposit the claimed amount. The appeal was allowed, and payment was directed subject to the debtor's entitlement being finally determined in the pending recovery proceedings.
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