Imported analyser diagnostic cartridges treated as accessories with analyser system, not standalone diagnostic reagents; extended limitation and penal...
Steel-timber construction shuttering/formwork tariff classification dispute: essential character held steel, classified as shuttering under Heading 73...
Family-linked property purchases using fabricated loan agreements and benami-style arrangements held to be crime proceeds; attachment upheld, appeal d...
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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