Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
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Insolvency and BankruptcyApril 16, 2024Case LawsAT
Interest on deposit - sale consideration amount deposited by the appellant - The Tribunal acknowledged the regulations stipulating that payments made after thirty days attract a 12% interest rate. However, it noted that the Liquidator’s hands were tied due to the NCLT’s restraining order, preventing the issuance of the Sale Certificate until specific approvals were obtained. Citing Supreme Court precedents, the Tribunal discussed the entitlement to interest and the principles of equity and restitution but ultimately noted that these did not apply under the circumstances where the Sale Certificate’s issuance was delayed by judicial intervention rather than administrative oversight.
Interest on deposit - sale consideration amount deposited by the appellant - The Tribunal acknowledged the regulations stipulating that payments made after thirty days attract a 12% interest rate. However, it noted that the Liquidator’s hands were tied due to the NCLT’s restraining order, preventing the issuance of the Sale Certificate until specific approvals were obtained. Citing Supreme Court precedents, the Tribunal discussed the entitlement to interest and the principles of equity and restitution but ultimately noted that these did not apply under the circumstances where the Sale Certificate’s issuance was delayed by judicial intervention rather than administrative oversight.
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