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...
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The NCLAT dismissed the appeal and upheld the NCLT order, ruling that u/s 14 of the IBC, 2016, a security deposit lying with a third party cannot be adjusted against pre-CIRP dues during the moratorium period. The IBC prohibits any action to recover or enforce security interests created by the corporate debtor before CIRP admission. The corporate debtor must continue as a going concern, with essential supplies permitted subject to payment of current dues arising during moratorium. Recovery of past dues is prohibited, and creditors must file claims following the specified procedure. Adjusting the security deposit against pre-CIRP dues would contravene the IBC's provisions and the Supreme Court's guidance in upholding the IBC's primacy.
The NCLAT dismissed the appeal and upheld the NCLT order, ruling that u/s 14 of the IBC, 2016, a security deposit lying with a third party cannot be adjusted against pre-CIRP dues during the moratorium period. The IBC prohibits any action to recover or enforce security interests created by the corporate debtor before CIRP admission. The corporate debtor must continue as a going concern, with essential supplies permitted subject to payment of current dues arising during moratorium. Recovery of past dues is prohibited, and creditors must file claims following the specified procedure. Adjusting the security deposit against pre-CIRP dues would contravene the IBC's provisions and the Supreme Court's guidance in upholding the IBC's primacy.
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