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 upheld the admission of a Section 7 IBC application against the corporate debtor. It rejected the respondent's objection to locus, holding that the appellant, being a shareholder and personal guarantor for the very facilities forming the basis of the Section 7 claim, was competent to maintain the appeal. On merits, NCLAT found undisputed financial facilities, their valid assignment, a subsequent OTS proposal, authenticated default in NeSL records, and acknowledgment in the balance sheet, justifying admission of the Section 7 petition. The Tribunal clarified that jurisdiction under Section 65 IBC may be exercised by the adjudicating authority at any stage and granted liberty to the appellant to move such an application. The appeal was dismissed.
NCLAT upheld the admission of a Section 7 IBC application against the corporate debtor. It rejected the respondent's objection to locus, holding that the appellant, being a shareholder and personal guarantor for the very facilities forming the basis of the Section 7 claim, was competent to maintain the appeal. On merits, NCLAT found undisputed financial facilities, their valid assignment, a subsequent OTS proposal, authenticated default in NeSL records, and acknowledgment in the balance sheet, justifying admission of the Section 7 petition. The Tribunal clarified that jurisdiction under Section 65 IBC may be exercised by the adjudicating authority at any stage and granted liberty to the appellant to move such an application. The appeal was dismissed.
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