Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
The NCLAT held that the date of default for invoking proceedings u/s 7 of the Insolvency and Bankruptcy Code (I&B Code) should be reckoned from 01.10.2012, when notices u/s 13(2) of SARFAESI Act were issued to the Corporate Debtor. The One-Time Settlement (OTS)/Compromise decree of 03.01.2020 cannot be considered the date of default, as default occurred when notices were issued and accepted by the Corporate Debtor in 2012. Since the application u/s 7 was filed on 19.07.2020, after the limitation period from the date of default in 2012, the NCLAT dismissed the appeal, holding the proceedings barred by limitation.
The NCLAT held that the date of default for invoking proceedings u/s 7 of the Insolvency and Bankruptcy Code (I&B Code) should be reckoned from 01.10.2012, when notices u/s 13(2) of SARFAESI Act were issued to the Corporate Debtor. The One-Time Settlement (OTS)/Compromise decree of 03.01.2020 cannot be considered the date of default, as default occurred when notices were issued and accepted by the Corporate Debtor in 2012. Since the application u/s 7 was filed on 19.07.2020, after the limitation period from the date of default in 2012, the NCLAT dismissed the appeal, holding the proceedings barred by limitation.
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