CKD/SKD air-conditioner components classifiable with finished units by essential character; prior advance ruling extended three years, FTA benefits po...
Scope of judicial review under Article 226: supervisory, not appellate; factual reappraisal barred, challenge dismissed; insolvency professional dutie...
Courier transshipment of imported goods via named carrier to air cargo stations renewed until 30.01.2026; exemption conditional, strict controls apply...
NCLAT allowed the liquidator's appeal and set aside the impugned order that had interfered with cancellation of sale and forfeiture of EMD. The Tribunal held that the auction purchaser, declared H1, committed clear default by failing to adhere to strict payment timelines stipulated in the E-Auction Process Document, despite having opportunity and no legal restraint on compliance. The liquidator's cancellation of sale and forfeiture of EMD were held to be legitimate exercises of contractual and statutory powers under the IBC framework, and Section 74 of the Contract Act was held inapplicable. The appeal was accordingly allowed, upholding the forfeiture.
NCLAT allowed the liquidator's appeal and set aside the impugned order that had interfered with cancellation of sale and forfeiture of EMD. The Tribunal held that the auction purchaser, declared H1, committed clear default by failing to adhere to strict payment timelines stipulated in the E-Auction Process Document, despite having opportunity and no legal restraint on compliance. The liquidator's cancellation of sale and forfeiture of EMD were held to be legitimate exercises of contractual and statutory powers under the IBC framework, and Section 74 of the Contract Act was held inapplicable. The appeal was accordingly allowed, upholding the forfeiture.
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