Revenue authority mandates using scheme-specific reversal procedures, not revising original entries, for instrument-based trade/customs benefits effec...
NCLAT allowed the appeal, set aside the impugned order and revived the Section 7 petition for de novo consideration by the Adjudicating Authority. The Tribunal directed the Adjudicating Authority to reassess admission in light of the Supreme Court's mandate favoring project-specific resolution, the status report on multiple projects, and varied intervention applications by homebuyers. The Corporate Debtor is granted one week to file a detailed reply and may place the Status Report and an additional affidavit on record. The Financial Creditor's claim based on the Debenture Trust Deed is to be examined afresh, including existence of debt and default, and whether CIRP should be confined to the hypothecated project or extended to other projects.
NCLAT allowed the appeal, set aside the impugned order and revived the Section 7 petition for de novo consideration by the Adjudicating Authority. The Tribunal directed the Adjudicating Authority to reassess admission in light of the Supreme Court's mandate favoring project-specific resolution, the status report on multiple projects, and varied intervention applications by homebuyers. The Corporate Debtor is granted one week to file a detailed reply and may place the Status Report and an additional affidavit on record. The Financial Creditor's claim based on the Debenture Trust Deed is to be examined afresh, including existence of debt and default, and whether CIRP should be confined to the hypothecated project or extended to other projects.
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