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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...
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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...
Insolvency and BankruptcyApril 22, 2024Case LawsAT
Release of assets (machines) seized by the Customs Authorities before initiation of CIRP - The tribunal found that the goods were lawfully confiscated under the Customs Act before the initiation of the CIRP. Therefore, the goods were no longer the property of the Corporate Debtor by the time the RP sought their release. It was noted that the order for confiscation was made after a proper show-cause notice and was not contested by the Corporate Debtor at that time. - The tribunal clarified that the ownership of the confiscated goods vested with the government immediately upon confiscation, irrespective of whether the redemption fine was paid. The option to redeem the goods by paying the fine was a separate matter that did not affect the fundamental status of ownership transfer upon confiscation.
Release of assets (machines) seized by the Customs Authorities before initiation of CIRP - The tribunal found that the goods were lawfully confiscated under the Customs Act before the initiation of the CIRP. Therefore, the goods were no longer the property of the Corporate Debtor by the time the RP sought their release. It was noted that the order for confiscation was made after a proper show-cause notice and was not contested by the Corporate Debtor at that time. - The tribunal clarified that the ownership of the confiscated goods vested with the government immediately upon confiscation, irrespective of whether the redemption fine was paid. The option to redeem the goods by paying the fine was a separate matter that did not affect the fundamental status of ownership transfer upon confiscation.
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