Independent show-cause notices remain separate proceedings, while customs adjudication challenges should ordinarily follow the statutory appellate rem...
Institutional incapacity in customs settlement proceedings excludes non-functional quorum periods from statutory disposal timelines, preventing automa...
Interactive touchscreen panels with integrated computing functions fall under automatic data-processing machines rather than display monitors for cust...
Ex parte injunction service requirements were substantially met, while civil recovery and SFIO investigation into provident fund defalcation continued...
Enforcement of resolution-plan directions continues without a Supreme Court stay, preventing suspension of redistribution and escrowed-fund distributi...
Third-party ownership claims over attached property require Special Court adjudication where purchasers lack registered sale deeds and bona fides rema...
Pure-agent reimbursements in clearing and forwarding services are excluded from taxable value when qualifying third-party payments are properly record...
Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
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Insolvency and BankruptcyMarch 21, 2024Case LawsHC
Validity of declaring of the respondent as a Secured Creditor - retention of shares held as security - The primary grievance of the petitioner was that the National Company Law Tribunal (NCLT) should have decided the Liquidator’s application under Section 25 of the Insolvency and Bankruptcy Code (IBC), 2016 prior to deciding the application under Regulation 21-A of the IBBI (Liquidation Process) Regulations, 2016. - The High court emphasized that the order under Regulation 21-A did not affect the petitioner's position adversely, as the shares became part of the liquidation estate, ensuring the interests of all secured creditors. - The High Court dismissed the writ petition filed by the petitioner challenging the order of the NCLT, which directed the sale of shares held by the respondent.
Validity of declaring of the respondent as a Secured Creditor - retention of shares held as security - The primary grievance of the petitioner was that the National Company Law Tribunal (NCLT) should have decided the Liquidator’s application under Section 25 of the Insolvency and Bankruptcy Code (IBC), 2016 prior to deciding the application under Regulation 21-A of the IBBI (Liquidation Process) Regulations, 2016. - The High court emphasized that the order under Regulation 21-A did not affect the petitioner's position adversely, as the shares became part of the liquidation estate, ensuring the interests of all secured creditors. - The High Court dismissed the writ petition filed by the petitioner challenging the order of the NCLT, which directed the sale of shares held by the respondent.
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