Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
CIRP - Recovery of outstanding dues - Legitimacy and consequences of a Sale Deed executed by the company in liquidation. - Priority of charges - The High court recognized the secured creditor's (Andhra Bank) rights under the SARFAESI Act to enforce their security interest without judicial intervention. It affirmed that the Sale Deed, although executed during the winding-up proceedings, was a valid exercise of the bank’s rights to recover its dues and was not aimed at defrauding other stakeholders. - The court dismissed allegations of the property being undervalued or sold in bad faith. - The court clarified the Official Liquidator's powers, emphasizing that while the Liquidator plays a crucial role in protecting the company's assets, the SARFAESI Act empowers secured creditors to realize their security interests independently.
CIRP - Recovery of outstanding dues - Legitimacy and consequences of a Sale Deed executed by the company in liquidation. - Priority of charges - The High court recognized the secured creditor's (Andhra Bank) rights under the SARFAESI Act to enforce their security interest without judicial intervention. It affirmed that the Sale Deed, although executed during the winding-up proceedings, was a valid exercise of the bank’s rights to recover its dues and was not aimed at defrauding other stakeholders. - The court dismissed allegations of the property being undervalued or sold in bad faith. - The court clarified the Official Liquidator's powers, emphasizing that while the Liquidator plays a crucial role in protecting the company's assets, the SARFAESI Act empowers secured creditors to realize their security interests independently.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
