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...
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Vicarious liability for dishonoured company cheques may extend to non-signatory directors where complaints contain foundational responsibility avermen...
Section 7 of the Insolvency and Bankruptcy Code requires the existence of a financial debt and default, but the Supreme Court held that insolvency cannot be used as a coercive recovery tool. Reading the quadripartite agreement, the Court found that the disbursement was made to the builder and was tied to construction, transfer, refund contingencies, non-transfer without consent, and security creation, making the dispute predominantly contractual rather than a simple lending default. As recovery proceedings were already pending before the DRT, initiation of CIRP was unwarranted and the refusal to admit the Section 7 application was upheld.
Section 7 of the Insolvency and Bankruptcy Code requires the existence of a financial debt and default, but the Supreme Court held that insolvency cannot be used as a coercive recovery tool. Reading the quadripartite agreement, the Court found that the disbursement was made to the builder and was tied to construction, transfer, refund contingencies, non-transfer without consent, and security creation, making the dispute predominantly contractual rather than a simple lending default. As recovery proceedings were already pending before the DRT, initiation of CIRP was unwarranted and the refusal to admit the Section 7 application was upheld.
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