The NCLAT allowed the approval of the New Board's decision to ...

NCLAT Allows Unwinding IFIN Loans, Except for Respondents 8-12; Claims Restored in Attivo Economic Zone CIRP.

January 17, 2025

Case Laws IBC AT

The NCLAT allowed the approval of the New Board's decision to collapse/unwind transactions whereby IFIN provided loans to third parties, except for certain respondents (8-12). The NCLAT set aside the IRP's rejection of IFIN's claim in the CIRP of Attivo Economic Zone (Mumbai) Pvt. Ltd., restoring IFIN's status. The NCLAT held that collapsing agreements with respondents 8-12 required deeper consideration as SIFL claimed the amounts were given by SIFL, not third-party borrowers. The appropriate forum to examine these transactions is the pending NCLT proceedings.

View Source

← Previous Next →

The NCLAT allowed the approval of the New Board's decision to ...

NCLAT Allows Unwinding IFIN Loans, Except for Respondents 8-12; Claims Restored in Attivo Economic Zone CIRP.

January 17, 2025

Case Laws IBC AT

You may also like:

The Corporate Debtor denied the existence of a loan agreement with 12% interest, as claimed by the Financial Creditor in the Section 7 application. To qualify as a...

Refund claim - Import of 8 consignments of ferrite magnets - importer did not claim the benefit of Notification No. 12/2012 in the Bill of Entry so filed - refund allowed - AT

The appellant, Container Corporation of India, was granted custodianship as a Customs Cargo Service Provider (CCSP) under the Handling of Cargo in Customs Areas...

Profiteering - purchase of a flat - allegation that GST @12% was charged instead of 8% - as noticed from the demand letter Applicant had charged GST @ 12% on the taxable...

FIFTY- NINTH REPORT - STANDING COMMITTEE ON FINANCE (2011-12) CURRENT ECONOMIC SITUATION AND POLICY OPTIONS

Corporate debtor filed a reply to the financial creditor's Section 7 application in December 2023, but moved an application u/s 8 for reference to arbitration only on...

Disallowance on interest u/s. 36(1)(iii) - AO has compared the payment of interest @ 12%/15% on the unsecured loan obtained by the assessee with the interest amount...

Benefit of exemption u/s 11/12 - Effective date of grant of registration u/s 12A - Initially application was rejected by CIT(E), but the same was approval on the...

The appellant is eligible for interest on delayed refund from 22.02.2008 till the refund payment date, calculated at 12% per annum rate. CESTAT allowed the appeal,...

Approval of the resolution plan of the Corporate Debtor - Recovery of property tax demand - public announcement for inviting claim was made on 07.12.2018 much after the...

Income estimation based on percentage of gross receipts - CIT(A) applied 12.5% net profit on gross receipts, assessee claimed thin margins in advertisement business....

The ITAT allowed the deduction u/s 10AA, restoring the assessee's claim. Despite the delay in filing Form 56F, a crucial certification by a Chartered Accountant...

Maintainability of an application for initiation of Corporate Insolvency Resolution Process (CIRP) u/s 9 of the Insolvency and Bankruptcy Code (IBC). The key points are:...

Rental income - Deduction u/s 24(b) - interest paid on the amount borrowed - the loan was not borrowed for the impugned Flat No.11. Assessee had claimed that the loan...

The assessee borrowed loans from financial institutions at an interest rate of 12.75% and advanced loans to group companies or relatives at 12% interest rate. The...

Quick Updates: