Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
Withdrawal of CIRP - The NCLAT emphasized that withdrawal of CIRP necessitates an application by the applicant and approval by 90% of the Committee of Creditors (CoC), as mandated by Section 12A of the IBC. - However, it was found that Form 'FA' submitted for withdrawal was not signed by the applicant, indicating non-compliance with procedural requirements. Despite objections raised by the appellant (Joinup Corporation), the Form 'FA' was submitted by the Financial Creditor (Tamilnad Mercantile Bank Limited), leading to discrepancies in the submission process. - the NCLAT concluded that the withdrawal of CIRP was not conducted in accordance with the law. It set aside the impugned order and revived the CIRP proceedings.
Withdrawal of CIRP - The NCLAT emphasized that withdrawal of CIRP necessitates an application by the applicant and approval by 90% of the Committee of Creditors (CoC), as mandated by Section 12A of the IBC. - However, it was found that Form 'FA' submitted for withdrawal was not signed by the applicant, indicating non-compliance with procedural requirements. Despite objections raised by the appellant (Joinup Corporation), the Form 'FA' was submitted by the Financial Creditor (Tamilnad Mercantile Bank Limited), leading to discrepancies in the submission process. - the NCLAT concluded that the withdrawal of CIRP was not conducted in accordance with the law. It set aside the impugned order and revived the CIRP proceedings.
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