Fair-rent assessment requires consideration of lease terms, valuation principles and prevailing market rent; the certificate was quashed for fresh rev...
Document Identification Number compliance is satisfied when electronically communicated orders are promptly authenticated through a correctly identifi...
Industrial shrimp-feed machinery classification follows its commercial function, placing integrated production plants under the specific industrial fo...
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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