Limitation for consequential assessments runs from prescribed authority receipt, while verified purchases cannot be disallowed merely for unanswered s...
Higher depreciation for qualifying commercial vehicles, exempt-income disallowance, research deduction verification, and club-expense treatment clarif...
Charitable registration renewal cannot become an assessment of receipts, profitability or annual exemption compliance, requiring renewal and donation ...
AMP expenditure for own business is not an international transaction without an associated-enterprise arrangement, eliminating transfer pricing adjust...
Customs valuation must use comparable contemporary imports, while confiscation fines and penalties require proportionate recalculation on reassessed v...
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A financial debt under the IBC requires disbursement to the borrower against consideration for the time value of money. Here, the appellant had only allowed its properties to be used as collateral for the corporate debtor's bank borrowing, and the post-dated cheques and indemnity did not create a disbursement by the appellant or a security interest in favour of the corporate debtor. The NCLAT therefore set aside the classification of the appellant as a secured financial creditor. It also held that the claim was filed within time and was not rejectable as delayed, but the appellant's entitlement could be admitted only as an other creditor, subject to the resolution plan.
A financial debt under the IBC requires disbursement to the borrower against consideration for the time value of money. Here, the appellant had only allowed its properties to be used as collateral for the corporate debtor's bank borrowing, and the post-dated cheques and indemnity did not create a disbursement by the appellant or a security interest in favour of the corporate debtor. The NCLAT therefore set aside the classification of the appellant as a secured financial creditor. It also held that the claim was filed within time and was not rejectable as delayed, but the appellant's entitlement could be admitted only as an other creditor, subject to the resolution plan.
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