Toy balloon tariff classification: functional heading prevails over residual rubber and festive article headings, supporting penalties for deliberate ...
Customs valuation using comparable contemporaneous imports can displace declared value, while missing speaking orders require pursuit before competent...
Foreign customs declarations and importer admissions established undervaluation, supporting sequential value redetermination, differential duty, and m...
Customs seizure safeguards prevent detention-based limitation avoidance and invalidate provisional release conditions for imported vehicles under an i...
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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