Assessment time-barred u/s 153 due to missing competent-authority reference for Singapore exchange of information; assessment disallowed as barred by ...
Imported menthol-scented sweet supari classification dispute: seizure quashed, release for home consumption subject to duty bond; bank guarantee refus...
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...
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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