Opportunity to respond to jurisdictional reports is mandatory before customs settlement duty enhancement; connected applications require consistent ad...
Specific customs headings for scaffolding components prevail over general classification, invalidating misclassification proceedings and enabling with...
Liquidator appointment under Section 34 requires consideration of creditor recommendations, valid professional authorisation, and preservation of vali...
Income-tax exemption for specified regulatory fees and government grants applies subject to non-commercial activity and continuing compliance conditio...
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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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