Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
The National Company Law Appellate Tribunal, New Delhi, addressed the issue of forfeiture of INR 10 Crores by the Committee of Creditors (CoC) led by State Bank of India (SBI) and the alleged restraint by CoC. The Tribunal held that the forfeiture was lawful u/s Resolution Plan terms. The Appellant's failure to provide valid bank guarantees and meet financial commitments justified the forfeiture. The CoC's actions were deemed appropriate, and the Appellant's contentions were rejected. The Tribunal also found the Appellant's contradictory stance on the nature of the deposit. Referring to IBBI, the Tribunal concluded that there was no cause to proceed u/s Section 74(3) of the Code against the Appellant. The appeal was dismissed, affirming the forfeiture as per Resolution Plan and CIRP Regulations.
The National Company Law Appellate Tribunal, New Delhi, addressed the issue of forfeiture of INR 10 Crores by the Committee of Creditors (CoC) led by State Bank of India (SBI) and the alleged restraint by CoC. The Tribunal held that the forfeiture was lawful u/s Resolution Plan terms. The Appellant's failure to provide valid bank guarantees and meet financial commitments justified the forfeiture. The CoC's actions were deemed appropriate, and the Appellant's contentions were rejected. The Tribunal also found the Appellant's contradictory stance on the nature of the deposit. Referring to IBBI, the Tribunal concluded that there was no cause to proceed u/s Section 74(3) of the Code against the Appellant. The appeal was dismissed, affirming the forfeiture as per Resolution Plan and CIRP Regulations.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
