International transaction characterisation of domestic divestment of support services business rejected; transaction between resident associated enter...
Minimum Import Price restrictions for Black Pepper, Areca-nuts and Apples upheld; procedural laying failure not fatal, notifications to be placed befo...
Transaction value between related persons requires market-equivalent pricing; importer must prove declared value mirrors ordinary international trade ...
Classification of exported insecticides under export tariff affirmed; reclassification and related penalties set aside and MEIS scrip jurisdiction rec...
NCLAT partly allowed the appeal, setting aside the Adjudicating Authority's waiver of interest on the balance sale consideration. It held that Schedule I Rule 12 of the Liquidation Process Regulations is mandatory, requiring payment of the balance sale consideration within 30 days, failing which 12% interest is payable, with an outer limit of 90 days (extendable only by the AA, not the Liquidator). The Successful Auction Purchaser, having delayed payment beyond 30 days from the Sale Confirmation Advice dated 29.12.2022, was held liable to pay 12% interest on the unpaid balance from expiry of 30 days until 15.06.2023, when extension was granted, to be paid within two weeks.
NCLAT partly allowed the appeal, setting aside the Adjudicating Authority's waiver of interest on the balance sale consideration. It held that Schedule I Rule 12 of the Liquidation Process Regulations is mandatory, requiring payment of the balance sale consideration within 30 days, failing which 12% interest is payable, with an outer limit of 90 days (extendable only by the AA, not the Liquidator). The Successful Auction Purchaser, having delayed payment beyond 30 days from the Sale Confirmation Advice dated 29.12.2022, was held liable to pay 12% interest on the unpaid balance from expiry of 30 days until 15.06.2023, when extension was granted, to be paid within two weeks.
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