Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
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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