Nature-dependent electricity contracts receive new Ind AS accounting, hedge designation, transition and financial-statement disclosure requirements fr...
Alternative GST remedy permitted protective writ intervention for ex parte adjudication, preserving independent appellate review of input tax credit d...
Assessment against deceased sole proprietor requires proceedings against the legal representative, rendering prior assessment and appellate orders inv...
Residential waste collection classification under SAC 999423 defeats composite-supply exemption where facilitating goods are not transferred to the lo...
Condonation of delay permits statutory appeal restoration where inadequate service explanation prevented consideration of reassessment and taxable-inc...
The appeal challenges the admission of an unstamped Assignment Agreement dated 29.03.2022 under the Maharashtra Stamp Act, 1958. The court held that the Assignment Agreement is a registered document, and by virtue of Section 5(2) of the SARFAESI Act, 2002, the assignee, Phoenix Arc Pvt. Ltd., is entitled to prosecute and enforce all pending applications, appeals, and legal proceedings, including the Section 7 application filed by L&T Finance Ltd. The deeming clause in Section 5(2) protects and entitles Phoenix Arc Pvt. Ltd. to prosecute the Section 7 application. The Adjudicating Authority did not err in rejecting the Corporate Debtor's application to impound the document and allowing Phoenix Arc Pvt. Ltd. to prosecute the applications. The appeal was dismissed by the NCLAT (Appellate Tribunal).
The appeal challenges the admission of an unstamped Assignment Agreement dated 29.03.2022 under the Maharashtra Stamp Act, 1958. The court held that the Assignment Agreement is a registered document, and by virtue of Section 5(2) of the SARFAESI Act, 2002, the assignee, Phoenix Arc Pvt. Ltd., is entitled to prosecute and enforce all pending applications, appeals, and legal proceedings, including the Section 7 application filed by L&T Finance Ltd. The deeming clause in Section 5(2) protects and entitles Phoenix Arc Pvt. Ltd. to prosecute the Section 7 application. The Adjudicating Authority did not err in rejecting the Corporate Debtor's application to impound the document and allowing Phoenix Arc Pvt. Ltd. to prosecute the applications. The appeal was dismissed by the NCLAT (Appellate Tribunal).
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
Join Channel
TaxTMI 
