Toy balloon tariff classification: functional heading prevails over residual rubber and festive article headings, supporting penalties for deliberate ...
Customs valuation using comparable contemporaneous imports can displace declared value, while missing speaking orders require pursuit before competent...
Foreign customs declarations and importer admissions established undervaluation, supporting sequential value redetermination, differential duty, and m...
Customs seizure safeguards prevent detention-based limitation avoidance and invalidate provisional release conditions for imported vehicles under an i...
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NCLAT held that the Adjudicating Authority's order excluding 5% margin (capped at fair value) from the corporate debtor's assets in favour of Respondent No.1 was unsustainable and is set aside. The Tribunal found an unenforced equitable mortgage did not convert into trust property; where guarantees, FLC/LC/BGs had devolved or been invoked prior to CIRP and no live guarantees existed, the secured asset remained part of the corporate debtor's estate. The Adjudicating Authority exceeded its limited jurisdiction and could not override the commercial wisdom of the CoC or permit enforcement of security outside liquidation. Distribution to secured creditors shall be pro rata on admitted claims per the CoC's decision.
NCLAT held that the Adjudicating Authority's order excluding 5% margin (capped at fair value) from the corporate debtor's assets in favour of Respondent No.1 was unsustainable and is set aside. The Tribunal found an unenforced equitable mortgage did not convert into trust property; where guarantees, FLC/LC/BGs had devolved or been invoked prior to CIRP and no live guarantees existed, the secured asset remained part of the corporate debtor's estate. The Adjudicating Authority exceeded its limited jurisdiction and could not override the commercial wisdom of the CoC or permit enforcement of security outside liquidation. Distribution to secured creditors shall be pro rata on admitted claims per the CoC's decision.
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