Independent show-cause notices remain separate proceedings, while customs adjudication challenges should ordinarily follow the statutory appellate rem...
Institutional incapacity in customs settlement proceedings excludes non-functional quorum periods from statutory disposal timelines, preventing automa...
Interactive touchscreen panels with integrated computing functions fall under automatic data-processing machines rather than display monitors for cust...
Ex parte injunction service requirements were substantially met, while civil recovery and SFIO investigation into provident fund defalcation continued...
Enforcement of resolution-plan directions continues without a Supreme Court stay, preventing suspension of redistribution and escrowed-fund distributi...
Third-party ownership claims over attached property require Special Court adjudication where purchasers lack registered sale deeds and bona fides rema...
Pure-agent reimbursements in clearing and forwarding services are excluded from taxable value when qualifying third-party payments are properly record...
Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
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The NCLAT dismissed the appeal, upholding the order of the Adjudicating Authority. The Appellant had informed the liquidator of its decision to relinquish its security interest, rendering Regulation 21A(1) inapplicable. As the Appellant proceeded to realize its security interest without paying the proportionate liquidation costs as per Regulations 21A(2) and (3), the Adjudicating Authority rightly held that the security interest stood relinquished. The Appellant had agreed for joint sale of assets by both liquidators but failed to pay the CIRP and liquidation costs. The NCLAT found no grounds to interfere with the impugned order.
The NCLAT dismissed the appeal, upholding the order of the Adjudicating Authority. The Appellant had informed the liquidator of its decision to relinquish its security interest, rendering Regulation 21A(1) inapplicable. As the Appellant proceeded to realize its security interest without paying the proportionate liquidation costs as per Regulations 21A(2) and (3), the Adjudicating Authority rightly held that the security interest stood relinquished. The Appellant had agreed for joint sale of assets by both liquidators but failed to pay the CIRP and liquidation costs. The NCLAT found no grounds to interfere with the impugned order.
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