Loading...

⚠ โœ•
❮ Top
☎ Help
Draft upto 3 replies to a
tax notice โ€” FREE ๐ŸŽ‰ โœ•

150 credits ยท 30 days

โ€ข Basic Search โ†’ 1 Credit
โ€ข Advanced Search โ†’ 3 Credits
โ€ข Drafter โ†’ 20 to extract + 25 per issue
(โ‰ˆ upto 2-3 drafts on us)

Already used our earlier 20-Credit Demo?
You are still eligible for this new 150-Credit Demo.

Activate your FREE Demo โ†’
☰
×

By creating an account you can:

Logo TaxTMI
Call Us / Help / Feedbackโœ•

Contact Us At :

✉ E-mail: [email protected]

✆ Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters 0/2000
TMI Blog
Home / TMI Blogs / RSS

Appeal dismissed; Section 9 admission upheld as operational debt under Sections 5(21) and 3(12) of IBC

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....NCLAT dismisses the appeal and upholds the NCLT's admission of the Section 9 petition. The Tribunal held that the OC proved an operational debt and default as defined under Sections 5(21) and 3(12) of the IBC: Rs.1 crore constituted advance consideration, goods were not supplied and no refund was made, and the CD's financial statements repeatedly acknowledged the liability. That acknowledgment in the CD's balance sheet extended limitation to 31.03.2025, rendering the Section 9 filing on 23.06.2023 time-bar compliant. Alleged pre-existing dispute was held not bona fide under the Mobilox test; unilateral NeSL marking and a belated police complaint did not rebut the OC's case. The AA's admission order was affirmed.....