Interactive flat panels meeting automatic data processing conditions are distinguished from monitors, while later classification clarifications apply ...
Statutory transfer formalities invalidated alleged share and property transfers, while retrospective record manipulation constituted oppression and mi...
Provisional attachment of laundered funds and equivalent-value property sustained, with statutory protection limited to pension, gratuity and providen...
Insolvency moratorium does not shield company officers from cheque dishonour prosecution for liability arising before corporate insolvency proceedings...
HC quashed notices issued under FEMA during Corporate Insolvency Resolution Process (CIRP), holding that IBC provisions override FEMA regulations. The court determined that the moratorium under Section 14 of IBC prohibits continuation of legal proceedings against corporate debtor, regardless of when original proceedings were initiated. Section 33(5) and judicial precedents further supported the ruling that IBC protections supersede FEMA provisions. While notices were invalidated, the court clarified that individual directors could still face potential legal action for pre-CIRP misconduct. The petition was ultimately allowed, effectively protecting the corporate debtor's assets during liquidation proceedings.
HC quashed notices issued under FEMA during Corporate Insolvency Resolution Process (CIRP), holding that IBC provisions override FEMA regulations. The court determined that the moratorium under Section 14 of IBC prohibits continuation of legal proceedings against corporate debtor, regardless of when original proceedings were initiated. Section 33(5) and judicial precedents further supported the ruling that IBC protections supersede FEMA provisions. While notices were invalidated, the court clarified that individual directors could still face potential legal action for pre-CIRP misconduct. The petition was ultimately allowed, effectively protecting the corporate debtor's assets during liquidation proceedings.
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