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...
Maintainability of section 7 application - Initiation of CIRP - existence of debt and default - date of default - On 14.02.2020 the account was declared NPA - The Appellate Tribunal emphasized that the date of default, being the date of declaration of the account as NPA, was valid for initiating insolvency proceedings under Section 7. The Tribunal ruled that the default date should be considered as the date of declaration of the account as NPA, rather than the date of renewal of the working capital limit. It clarified that the renewal of the limit did not affect the occurrence of default by the Corporate Debtor in fulfilling its financial obligations.
Maintainability of section 7 application - Initiation of CIRP - existence of debt and default - date of default - On 14.02.2020 the account was declared NPA - The Appellate Tribunal emphasized that the date of default, being the date of declaration of the account as NPA, was valid for initiating insolvency proceedings under Section 7. The Tribunal ruled that the default date should be considered as the date of declaration of the account as NPA, rather than the date of renewal of the working capital limit. It clarified that the renewal of the limit did not affect the occurrence of default by the Corporate Debtor in fulfilling its financial obligations.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
