Customs valuation must use comparable contemporary imports, while confiscation fines and penalties require proportionate recalculation on reassessed v...
Depositor-protection proceedings prevail over corporate insolvency, while liquidators may recover chit receivables using copies of seized company reco...
Intermediary service classification fails where overseas admission facilitation is supplied independently, preserving export treatment and small-provi...
Satellite transponder bandwidth is telecommunication, not Business Support Service; foreign non-telegraph providers triggered no service tax liability...
Commitment proceedings gain extended timelines, structured defect refiling, and automatic resumption of inquiry after the adjusted completion period e...
Centralised assessment transfer becomes unwarranted once the searched person's assessment is complete, requiring restoration to the appropriate charge...
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The Appellate Tribunal held that the Annual Mine Closure Cost (AMCC) deposited by the Corporate Debtor in an Escrow Account belongs to the Corporate Debtor and cannot be kept aside from the Corporate Insolvency Resolution Process (CIRP). The Escrow Agreement provided for the return of the entire AMCC amount to the Corporate Debtor after completing mine closure activities. Categorizing AMCC as a pre-CIRP due and allowing its recovery independently would contravene the moratorium u/s 14 of the Insolvency and Bankruptcy Code (IBC). AMCC should be considered a CIRP cost u/s 5(13) of the IBC for running the Corporate Debtor as a going concern. The Appellate Tribunal set aside the Adjudicating Authority's direction to keep AMCC aside, as it would give the Respondents an undue preference over other creditors, defeating the purpose of CIRP. The appeal was allowed, modifying the impugned order.
The Appellate Tribunal held that the Annual Mine Closure Cost (AMCC) deposited by the Corporate Debtor in an Escrow Account belongs to the Corporate Debtor and cannot be kept aside from the Corporate Insolvency Resolution Process (CIRP). The Escrow Agreement provided for the return of the entire AMCC amount to the Corporate Debtor after completing mine closure activities. Categorizing AMCC as a pre-CIRP due and allowing its recovery independently would contravene the moratorium u/s 14 of the Insolvency and Bankruptcy Code (IBC). AMCC should be considered a CIRP cost u/s 5(13) of the IBC for running the Corporate Debtor as a going concern. The Appellate Tribunal set aside the Adjudicating Authority's direction to keep AMCC aside, as it would give the Respondents an undue preference over other creditors, defeating the purpose of CIRP. The appeal was allowed, modifying the impugned order.
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