Religious purpose exclusion versus charitable purpose: non overriding religious objects do not attract Explanation 3, registration directed under sect...
Search-assessment proviso jurisdiction, time-barred valuation reports, and denial of cross-examination vitiate valuation-based and confession-based ad...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4819 
Join Channel 
