Online bond platforms may offer overseas-regulated products and tax-specific bonds subject to disclosures, compliance safeguards and revised complianc...
Corporate guarantee valuation permits actual ascertainable commission while barring retroactive application and extended-period penalties for bona fid...
Proper-officer jurisdiction under UPGST penalty provisions upheld; participation on merits prevents bypassing the statutory appellate remedy through w...
Transitioned CENVAT credit may validly satisfy mandatory pre-deposit requirements for legacy service tax appeals through Electronic Credit Ledger debi...
Building-plan sanction charges require statutory authority; unauthorised fees and GST were quashed, while labour cess must follow prescribed collectio...
Pure-agent exclusion fails where hotel booking facilitators receive third-party services themselves, making entire customer consideration taxable as r...
The Tamil Nadu Protection of Interests of Depositors Act (TNPID Act), 1997, is a special enactment intended to protect depositors' rights and provide a mechanism for disbursement of assets of the accused, apart from punishing them. The Insolvency and Bankruptcy Code (IBC), 2016, overrides inconsistent provisions in other laws, as per Section 238. However, the Madras High Court held that the TNPID Act's purpose, upheld by the Supreme Court despite marginal encroachment into Central legislations, cannot be ignored. The Court ruled that the NCLT order declaring attachments under the TNPID Act null and void was contrary to settled principles of law. The State's sovereign power and duty to protect public interest through the TNPID Act was reiterated, allowing the petition.
The Tamil Nadu Protection of Interests of Depositors Act (TNPID Act), 1997, is a special enactment intended to protect depositors' rights and provide a mechanism for disbursement of assets of the accused, apart from punishing them. The Insolvency and Bankruptcy Code (IBC), 2016, overrides inconsistent provisions in other laws, as per Section 238. However, the Madras High Court held that the TNPID Act's purpose, upheld by the Supreme Court despite marginal encroachment into Central legislations, cannot be ignored. The Court ruled that the NCLT order declaring attachments under the TNPID Act null and void was contrary to settled principles of law. The State's sovereign power and duty to protect public interest through the TNPID Act was reiterated, allowing the petition.
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