Transaction value rejection requires reliable corroboration; refundable VAT is excluded and temporary registration does not defeat new-vehicle exempti...
Appellate jurisdiction remains available where a wrist-worn gold ornament cannot conclusively be characterised as imported baggage at the preliminary ...
Written complaint requirement bars cognizance on police reports for securities offences, while unsupported breach of trust and cheating allegations fa...
Risk-based postal import clearance standardises electronic assessment, document requests, duty realisation and delivery controls at Foreign Post Offic...
Customs Cargo Service Provider appointment extends custodianship to additional terminal land, subject to cargo-control, security and licence condition...
The Supreme Court held that the Effective Date for implementing the Resolution Plan was achieved on 20.05.2022 as all Conditions Precedent were fulfilled. The Performance Bank Guarantee (PBG) could not be adjusted against the first tranche payment as per the Resolution Plan. The Resolution Applicant/Successful Resolution Applicant (SRA) failed to implement the Resolution Plan by non-payment of the first tranche, airport dues, workmen and employees' dues. The NCLAT rightly held the SRA contravened the approved Resolution Plan, warranting liquidation u/s 33(3) of the IBC. Timely implementation is crucial under the IBC, so the SC exercised Article 142 powers to direct liquidation of the Corporate Debtor, overriding the need for the Adjudicating Authority's determination, to prevent delays. The PBG may be invoked by creditors per the Resolution Plan terms.
The Supreme Court held that the Effective Date for implementing the Resolution Plan was achieved on 20.05.2022 as all Conditions Precedent were fulfilled. The Performance Bank Guarantee (PBG) could not be adjusted against the first tranche payment as per the Resolution Plan. The Resolution Applicant/Successful Resolution Applicant (SRA) failed to implement the Resolution Plan by non-payment of the first tranche, airport dues, workmen and employees' dues. The NCLAT rightly held the SRA contravened the approved Resolution Plan, warranting liquidation u/s 33(3) of the IBC. Timely implementation is crucial under the IBC, so the SC exercised Article 142 powers to direct liquidation of the Corporate Debtor, overriding the need for the Adjudicating Authority's determination, to prevent delays. The PBG may be invoked by creditors per the Resolution Plan terms.
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