Terminal gate verification for transshipment containers shifts to operators, while Customs controls and discrepancy reporting requirements remain mand...
The AT affirms the provisional attachment order and dismisses the appeals, holding that the co-lending/service agreements between the NBFC and fintech entities effectively outsourced core management functions, facilitated misuse of borrower data and constituted prima facie commission of offences under sections 417, 419, 420 IPC and sections 66-C, 66-D IT Act. The tribunal finds the fintech entities, by providing funds as a purported "performance guarantee" and receiving guaranteed revenue or service fees, assumed substantive loan-related functions without due diligence, while the NBFC obtained assured returns without capital exposure. The appellants' contention of limited fintech involvement is rejected as the agreements demonstrate delegation of non-permissible core activities.
The AT affirms the provisional attachment order and dismisses the appeals, holding that the co-lending/service agreements between the NBFC and fintech entities effectively outsourced core management functions, facilitated misuse of borrower data and constituted prima facie commission of offences under sections 417, 419, 420 IPC and sections 66-C, 66-D IT Act. The tribunal finds the fintech entities, by providing funds as a purported "performance guarantee" and receiving guaranteed revenue or service fees, assumed substantive loan-related functions without due diligence, while the NBFC obtained assured returns without capital exposure. The appellants' contention of limited fintech involvement is rejected as the agreements demonstrate delegation of non-permissible core activities.
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