Specialized Investment Fund distribution now requires dedicated certification, while transitional recognition preserves existing qualified distributor...
Overlapping GST proceedings require Central and State authorities to designate one competent authority for coordinated adjudication of the same matter...
Composite healthcare supplies retain exemption when patient care is the contract's essential character, despite payment through an implementing agency...
Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
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The High Court held that the writ petition challenging the respondent Bank's actions in not releasing amounts deposited in an Escrow Account for payment of statutory liabilities like GST from 2017 onwards is maintainable, despite other disputes being adjudicated before the Debts Recovery Tribunal. The Bank's adjustments to the receivables in the Escrow Account for loan repayment, resulting in non-compliance with statutory requirements like filing GSTR-3B and non-payment of GST, constituted a breach of the Escrow Agreement. The petitioner Company did not have control or the right to operate the Escrow Account, which was to be operated by the respondent Bank as per the Agreement. Consequently, the writ petition was allowed.
The High Court held that the writ petition challenging the respondent Bank's actions in not releasing amounts deposited in an Escrow Account for payment of statutory liabilities like GST from 2017 onwards is maintainable, despite other disputes being adjudicated before the Debts Recovery Tribunal. The Bank's adjustments to the receivables in the Escrow Account for loan repayment, resulting in non-compliance with statutory requirements like filing GSTR-3B and non-payment of GST, constituted a breach of the Escrow Agreement. The petitioner Company did not have control or the right to operate the Escrow Account, which was to be operated by the respondent Bank as per the Agreement. Consequently, the writ petition was allowed.
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