Concessional Basic Customs Duty on Ethernet switches: classification as enterprise switches upheld, challenge dismissed for lack of substantial law qu...
Insolvency petition based on admitted debt and default upheld; challenge for malicious initiation rejected, settlement may proceed under resolution fr...
Quashing of FIR and challenge to ECIR over alleged diversion of funds and preferential ESOP pricing dismissed after prima facie money-laundering findi...
Whether a regulatory authority's operational creditor claim, arising only after liquidation commencement, could be admitted in liquidation was decided by construing IBC read with Liquidation Process Regulations. Regulations 12 and 13 peg submission/updation of claims and estimation of liabilities strictly "as on the liquidation commencement date," reflecting a statutory freeze of claims and liabilities on that date and excluding post-commencement crystallisation. Since the asserted liability arose from an adjudicatory order passed after liquidation commencement, the liquidator lacked statutory authority to entertain it, and the adjudicating forum rightly affirmed rejection. The appeal challenging non-admission of such post-commencement claim was dismissed. - NCLAT
Whether a regulatory authority's operational creditor claim, arising only after liquidation commencement, could be admitted in liquidation was decided by construing IBC read with Liquidation Process Regulations. Regulations 12 and 13 peg submission/updation of claims and estimation of liabilities strictly "as on the liquidation commencement date," reflecting a statutory freeze of claims and liabilities on that date and excluding post-commencement crystallisation. Since the asserted liability arose from an adjudicatory order passed after liquidation commencement, the liquidator lacked statutory authority to entertain it, and the adjudicating forum rightly affirmed rejection. The appeal challenging non-admission of such post-commencement claim was dismissed. - NCLAT
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