Interactive touchscreen panels with integrated computing functions fall under automatic data-processing machines rather than display monitors for cust...
Ex parte injunction service requirements were substantially met, while civil recovery and SFIO investigation into provident fund defalcation continued...
Enforcement of resolution-plan directions continues without a Supreme Court stay, preventing suspension of redistribution and escrowed-fund distributi...
Third-party ownership claims over attached property require Special Court adjudication where purchasers lack registered sale deeds and bona fides rema...
Pure-agent reimbursements in clearing and forwarding services are excluded from taxable value when qualifying third-party payments are properly record...
Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
The Tribunal dismissed the application filed by companies holding units in the Corporate Debtor's project, seeking to intervene and proposing a scheme of compromise and arrangement u/s 230 of the Companies Act, 2013. The Tribunal held that there are no provisions in the Insolvency and Bankruptcy Code (IBC) for intervention by a third party at the pre-admission stage. The Tribunal's role is limited to ascertaining the existence of financial debt and its default on an application filed u/s 7 of the IBC. The Financial Creditors had already opposed the issuance of notice in the Intervention Petitions and pressed for dismissal, arguing that the IBC does not allow intervention at the pre-admission stage. The Tribunal concluded that entertaining the application would severely impact and prejudice the rights of the individual allottees who filed the main company petition, leading to unnecessary delay in the proceedings.
The Tribunal dismissed the application filed by companies holding units in the Corporate Debtor's project, seeking to intervene and proposing a scheme of compromise and arrangement u/s 230 of the Companies Act, 2013. The Tribunal held that there are no provisions in the Insolvency and Bankruptcy Code (IBC) for intervention by a third party at the pre-admission stage. The Tribunal's role is limited to ascertaining the existence of financial debt and its default on an application filed u/s 7 of the IBC. The Financial Creditors had already opposed the issuance of notice in the Intervention Petitions and pressed for dismissal, arguing that the IBC does not allow intervention at the pre-admission stage. The Tribunal concluded that entertaining the application would severely impact and prejudice the rights of the individual allottees who filed the main company petition, leading to unnecessary delay in the proceedings.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
