Incomplete BIS testing cannot justify reclassification or confiscatory action; declared customs classification restored and enhanced redemption fine s...
The Tribunal granted permission to the Applicant to distribute the unsold assets, being the amount recoverable from the corporate debtor and its erstwhile management under the action initiated against their previous preferential, undervalued and fraudulent transactions among the Respondents. In the 5th SCC meeting, the Liquidator proposed assigning the right to file PUFE proceedings for avoidance/recovery of amounts to VS & B Containers LLC, which was accepted by a 66.82% majority vote. The SCC resolved that if any amounts are recovered, VS & B Containers LLC shall share the recovered amounts with other Shareholders as per their claim sharing ratio. The Tribunal ordered that the right to recover from PUFE proceedings shall be assigned to VS & B Containers LLC, and any amount recovered shall be shared accordingly. The Application was disposed of.
The Tribunal granted permission to the Applicant to distribute the unsold assets, being the amount recoverable from the corporate debtor and its erstwhile management under the action initiated against their previous preferential, undervalued and fraudulent transactions among the Respondents. In the 5th SCC meeting, the Liquidator proposed assigning the right to file PUFE proceedings for avoidance/recovery of amounts to VS & B Containers LLC, which was accepted by a 66.82% majority vote. The SCC resolved that if any amounts are recovered, VS & B Containers LLC shall share the recovered amounts with other Shareholders as per their claim sharing ratio. The Tribunal ordered that the right to recover from PUFE proceedings shall be assigned to VS & B Containers LLC, and any amount recovered shall be shared accordingly. The Application was disposed of.
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