Alternative statutory remedy and unexplained delay barred writ review of customs confiscation adjudication, leaving merits for appellate consideration...
Authorised courier due diligence protects against penalties where declared exports conceal prohibited goods despite proper documentation and customs p...
Customs-controlled container movement now extends to DP World facilities, subject to segregation, inspections, reconciliation, and EXIM cargo priority...
Insolvency and BankruptcyApril 25, 2024Case LawsAT
Rejection of Section 7 Application - NPA - Corporate Debtor unable to de-risk the live BGs within the time allowed - A settlement was reached between the parties, where the Corporate Debtor agreed to pay a certain amount and de-risk live Performance Bank Guarantees (PBGs) within specified timelines. - The Appellate Tribunal observed that the entire settlement amount had been paid by the Corporate Debtor within the specified timeline. The NCLAT acknowledged the Corporate Debtor's efforts to de-risk BGs, attributing any shortcomings to the Financial Creditor's refusal to accept CBGs or counter-guarantees. Since the BGs were not invoked, the Tribunal ruled that no debt had become due, and failure to de-risk BGs did not constitute default under the IBC. - In light of the above findings, the Appellate Tribunal directed the Corporate Debtor to deposit a specified amount with the Financial Creditor to clear any outstanding liabilities related to live PBGs.
Rejection of Section 7 Application - NPA - Corporate Debtor unable to de-risk the live BGs within the time allowed - A settlement was reached between the parties, where the Corporate Debtor agreed to pay a certain amount and de-risk live Performance Bank Guarantees (PBGs) within specified timelines. - The Appellate Tribunal observed that the entire settlement amount had been paid by the Corporate Debtor within the specified timeline. The NCLAT acknowledged the Corporate Debtor's efforts to de-risk BGs, attributing any shortcomings to the Financial Creditor's refusal to accept CBGs or counter-guarantees. Since the BGs were not invoked, the Tribunal ruled that no debt had become due, and failure to de-risk BGs did not constitute default under the IBC. - In light of the above findings, the Appellate Tribunal directed the Corporate Debtor to deposit a specified amount with the Financial Creditor to clear any outstanding liabilities related to live PBGs.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4827 
Join Channel 
