Alternative statutory remedy and unexplained delay barred writ review of customs confiscation adjudication, leaving merits for appellate consideration...
Authorised courier due diligence protects against penalties where declared exports conceal prohibited goods despite proper documentation and customs p...
Customs-controlled container movement now extends to DP World facilities, subject to segregation, inspections, reconciliation, and EXIM cargo priority...
Insolvency and BankruptcyAugust 18, 2020Case LawsSC
Maintainability of application - initiation of CIRP - Period of limitation - the legislative policy now is to move away from the concept of “inability to pay debts” to “determination of default” - default referred to in the Code is that of actual non-payment by the corporate debtor when a debt has become due and payable - if default had occurred over three years prior to the date of filing of the application, the application would be time-barred save and except in those cases where, on facts, the delay in filing may be condoned - Appellate Tribunal had been in error in applying the period of limitation provided for mortgage liability for the purpose of limitation applicable to the application in question. - SC
Maintainability of application - initiation of CIRP - Period of limitation - the legislative policy now is to move away from the concept of “inability to pay debts” to “determination of default” - default referred to in the Code is that of actual non-payment by the corporate debtor when a debt has become due and payable - if default had occurred over three years prior to the date of filing of the application, the application would be time-barred save and except in those cases where, on facts, the delay in filing may be condoned - Appellate Tribunal had been in error in applying the period of limitation provided for mortgage liability for the purpose of limitation applicable to the application in question. - SC
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