Customs exemptions cover photovoltaic assembly machinery and PVF backsheets, while fully declared cleared imports may avoid confiscation and penalties...
Specific tariff classification for LCD devices overrides treatment as electricity-meter parts, defeating differential duty, extended limitation, and p...
Stayed disciplinary punishment does not establish unfitness for insolvency professional registration; reconsideration must disregard mere pendency of ...
Indirect corporate control can create related-party status, excluding financial creditors from Committee of Creditors representation, participation an...
Scientific research association approval requires continuing SIRO status, annual donation reporting, and donor certificates for the approved foundatio...
Scientific research institution approval is conditional on SIRO recognition, annual donation reporting, donor certification, and prescribed compliance...
Determining the maintainability of a Section 7 application under the Insolvency and Bankruptcy Code (IBC) based on the date of default and the applicability of limitation periods. The key points are: The correct date of default was 26.02.2001 as per the recall notice, not 01.06.2019 mentioned in the application. The limitation period under Article 137 of the Limitation Act, 1963, applies to Section 7 applications. The benefit of excluding the limitation period u/s 22(5) of the Sick Industrial Companies (Special Provisions) Act (SICA), 1985, was wrongly denied by the adjudicating authority. However, even after excluding the relevant periods, the Section 7 application filed on 19.12.2019 was beyond the limitation period. The acknowledgment in the 2015-16 balance sheet was after the expiry of the limitation period. Consequently, the adjudicating authority rightly rejected the Section 7 application as time-barred, and the appeal was dismissed.
Determining the maintainability of a Section 7 application under the Insolvency and Bankruptcy Code (IBC) based on the date of default and the applicability of limitation periods. The key points are: The correct date of default was 26.02.2001 as per the recall notice, not 01.06.2019 mentioned in the application. The limitation period under Article 137 of the Limitation Act, 1963, applies to Section 7 applications. The benefit of excluding the limitation period u/s 22(5) of the Sick Industrial Companies (Special Provisions) Act (SICA), 1985, was wrongly denied by the adjudicating authority. However, even after excluding the relevant periods, the Section 7 application filed on 19.12.2019 was beyond the limitation period. The acknowledgment in the 2015-16 balance sheet was after the expiry of the limitation period. Consequently, the adjudicating authority rightly rejected the Section 7 application as time-barred, and the appeal was dismissed.
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