Prior Sanction Requirement: absence of prescribed approval invalidates reassessment notice; limitation also bars notice if escaped income below thresh...
Eligibility for exemption depends on strict construction of the product description; reapers without binder are ineligible, but confiscation and penal...
Customs jurisdiction defined for Principal Commissioner, Vishakhapatnam, covering specified ports, districts and India's adjacent EEZ; effective on pu...
Related party status, guarantee claim limits and security-interest restrictions determined the treatment of the appellant's CIRP claim. The tribunal found related party status on the basis of step-down subsidiary control, and treated prior BIFR status as irrelevant. It upheld rejection of the HSBC-related secured claim because the payer/guarantor had no assignable debt. A non-resident could not acquire security in the corporate debtor's immovable property without RBI permission under FERA, so secured-creditor status was denied for that asset class. The admitted guarantee claim was confined to the amount actually paid, and post-facto RBI approval could not enlarge it. Approval of the resolution plan and CoC distribution mechanism was sustained.
Related party status, guarantee claim limits and security-interest restrictions determined the treatment of the appellant's CIRP claim. The tribunal found related party status on the basis of step-down subsidiary control, and treated prior BIFR status as irrelevant. It upheld rejection of the HSBC-related secured claim because the payer/guarantor had no assignable debt. A non-resident could not acquire security in the corporate debtor's immovable property without RBI permission under FERA, so secured-creditor status was denied for that asset class. The admitted guarantee claim was confined to the amount actually paid, and post-facto RBI approval could not enlarge it. Approval of the resolution plan and CoC distribution mechanism was sustained.
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