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 case pertains to the extinguishment of claims under the Insolvency and Bankruptcy Code (IBC) against Ruchi Soya Industries Limited, after the acceptance of the modified resolution plan by the National Company Law Tribunal (NCLT). The key points are: 1) The revenue department had raised a demand against Ruchi Soya for imported crude palm oil, which was not claimed during the Corporate Insolvency Resolution Process (CIRP) under IBC. 2) As per Section 32A of IBC, the revenue's demand stood extinguished since it was not part of the approved resolution plan. 3) The Gujarat High Court, in a similar case, held that upon completion of the resolution process and the revenue not lodging any claim as an operational creditor, any liability extinguishes u/ss 31 and 32A of IBC. 4) The resolution plan aims to continue the company's business as a going concern under IBC's insolvency resolution process, distinct from liquidation. 5) Rule 22 of the 1982 Rules, regarding abatement of appeals, is inapplicable when a resolution plan is approved. 6) The High Court ruled in favor of the assessee (Ruchi Soya/Patanjali), holding that the revenue's demand stood extinguished due to non-inclusion.
The case pertains to the extinguishment of claims under the Insolvency and Bankruptcy Code (IBC) against Ruchi Soya Industries Limited, after the acceptance of the modified resolution plan by the National Company Law Tribunal (NCLT). The key points are: 1) The revenue department had raised a demand against Ruchi Soya for imported crude palm oil, which was not claimed during the Corporate Insolvency Resolution Process (CIRP) under IBC. 2) As per Section 32A of IBC, the revenue's demand stood extinguished since it was not part of the approved resolution plan. 3) The Gujarat High Court, in a similar case, held that upon completion of the resolution process and the revenue not lodging any claim as an operational creditor, any liability extinguishes u/ss 31 and 32A of IBC. 4) The resolution plan aims to continue the company's business as a going concern under IBC's insolvency resolution process, distinct from liquidation. 5) Rule 22 of the 1982 Rules, regarding abatement of appeals, is inapplicable when a resolution plan is approved. 6) The High Court ruled in favor of the assessee (Ruchi Soya/Patanjali), holding that the revenue's demand stood extinguished due to non-inclusion.
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