Transfer of going concern and transfer of input tax credit under GST allowed; exemption applies though interstate ledger transfers left to authorities...
Concessional Basic Customs Duty on Ethernet switches: classification as enterprise switches upheld, challenge dismissed for lack of substantial law qu...
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Liability of suspended management to contribute to the corporate debtor's assets under Section 66 IBC was upheld on findings of fraudulent/wrongful trading based on unexplained cash withdrawals and related-party payments evidenced from bank statements. The RP's decision to commission a transaction audit was held justified because statutory records and asset possession were withheld, leaving no alternative evidentiary source. Once the RP established prima facie suspect transactions, the burden shifted to the directors to prove they were in the ordinary course of business; failure to produce reliable supporting documentation disentitled them from benefiting from evidentiary gaps created by their own non-cooperation. The appellate challenge to the contribution direction was rejected and the appeal was dismissed. - NCLAT
Liability of suspended management to contribute to the corporate debtor's assets under Section 66 IBC was upheld on findings of fraudulent/wrongful trading based on unexplained cash withdrawals and related-party payments evidenced from bank statements. The RP's decision to commission a transaction audit was held justified because statutory records and asset possession were withheld, leaving no alternative evidentiary source. Once the RP established prima facie suspect transactions, the burden shifted to the directors to prove they were in the ordinary course of business; failure to produce reliable supporting documentation disentitled them from benefiting from evidentiary gaps created by their own non-cooperation. The appellate challenge to the contribution direction was rejected and the appeal was dismissed. - NCLAT
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