Opportunity to respond to jurisdictional reports is mandatory before customs settlement duty enhancement; connected applications require consistent ad...
Specific customs headings for scaffolding components prevail over general classification, invalidating misclassification proceedings and enabling with...
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NCLAT upheld the liquidation order of the Corporate Debtor following CoC's unanimous (100%) resolution u/s 33(2) of IBC. While allegations were raised regarding forged documents in Section 7 admission and questionable conduct of Resolution Professional in claim verification, the tribunal found insufficient evidence of manipulation. The additional ledger documents from SVC Bank were deemed admissible as part of judicial record, establishing Corporate Debtor's position as co-borrower and Corporate Guarantor. Despite concerns about CoC's limited resolution efforts, NCLAT confirmed that Section 33(2) leaves minimal discretion when CoC resolves for liquidation with required majority. Given absence of assets and viable resolution options, the appeal was dismissed, affirming the Adjudicating Authority's liquidation order.
NCLAT upheld the liquidation order of the Corporate Debtor following CoC's unanimous (100%) resolution u/s 33(2) of IBC. While allegations were raised regarding forged documents in Section 7 admission and questionable conduct of Resolution Professional in claim verification, the tribunal found insufficient evidence of manipulation. The additional ledger documents from SVC Bank were deemed admissible as part of judicial record, establishing Corporate Debtor's position as co-borrower and Corporate Guarantor. Despite concerns about CoC's limited resolution efforts, NCLAT confirmed that Section 33(2) leaves minimal discretion when CoC resolves for liquidation with required majority. Given absence of assets and viable resolution options, the appeal was dismissed, affirming the Adjudicating Authority's liquidation order.
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