Condonation of Delay: directoral disputes and pending company proceedings can constitute reasonable cause, allowing a belated return to be treated as ...
Revisionary jurisdiction under section 263 upheld; faceless assessments subject to revision when AO fails requisite enquiries, remitted for fresh asse...
Limited scope of processing under section 143(1): enhancement without show cause is unsustainable; remand for residency, taxation and TDS verification...
Non-payment on the contractual due date constitutes a default under the Insolvency and Bankruptcy Code, and later adjustment of dues from cash collateral does not erase that historical default; it only affects the outstanding computation. The Appellate Tribunal noted that the Section 7 pleadings disclosed the facility documents, the missed payment, the subsequent recoupment from security, the loan recall notice, and the continuing liability. It held that the Adjudicating Authority erred in treating the application as defective for want of a correct default date or updated calculation. The rejection of the Section 7 application was set aside and the matter was restored for fresh consideration in accordance with law.
Non-payment on the contractual due date constitutes a default under the Insolvency and Bankruptcy Code, and later adjustment of dues from cash collateral does not erase that historical default; it only affects the outstanding computation. The Appellate Tribunal noted that the Section 7 pleadings disclosed the facility documents, the missed payment, the subsequent recoupment from security, the loan recall notice, and the continuing liability. It held that the Adjudicating Authority erred in treating the application as defective for want of a correct default date or updated calculation. The rejection of the Section 7 application was set aside and the matter was restored for fresh consideration in accordance with law.
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