https://www.taxtmi.com/caselaws?id=750926 The SC dismissed the plaintiff state's application for ad-interim injunction against the Central Government's imposition of Net Borrowing Ceiling restrictions. The court held that the state failed to establish a prima facie case, as it admitted to over-borrowing between FY 2017-18 and 2019-20, and could not demonstrate available fiscal space after adjusting previous over-borrowings. The SC found merit in the Union's contention that after including off-budget borrowing and past adjustments, the state had exhausted its borrowing limits for FY 2023-24. The court noted that Article 293's interpretation regarding Central Government's constitutional power over state borrowing lacked authoritative precedent, preventing acceptance of the state's restrictive reading at face value. The appeal was disposed of. en-us Mon, 01 Apr 2024 00:00:00 +0530 Wed, 03 Apr 2024 18:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=750926 The SC dismissed the plaintiff state's application for ad-interim injunction against the Central Government's imposition of Net Borrowing Ceiling restrictions. The court held that the state failed to establish a prima facie case, as it admitted to over-borrowing between FY 2017-18 and 2019-20, and could not demonstrate available fiscal space after adjusting previous over-borrowings. The SC found merit in the Union's contention that after including off-budget borrowing and past adjustments, the state had exhausted its borrowing limits for FY 2023-24. The court noted that Article 293's interpretation regarding Central Government's constitutional power over state borrowing lacked authoritative precedent, preventing acceptance of the state's restrictive reading at face value. The appeal was disposed of. Case-Laws Indian Laws Mon, 01 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=750926