Restriction of Input Tax Credit under Rule 86A applies only to fraudulently or ineligible availed credit; mere wrongful recipient availment is insuffi...
Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
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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