Authorization requirements for customs brokers and benami shipping bills: tribunal upholds licence revocation and penalties after COVID time limit fou...
Eligibility for notification exemption on imported fertilizers challenged; penalty, interest and confiscation set aside after voluntary payment and no...
The dominant issue was whether the Adjudicating Authority could cancel a leave and license agreement and usage deed under IBC provisions despite the application lacking specific pleadings invoking Sections 45/46/49. Applying the requirement of section-wise material pleadings for avoidance relief, it was held that Section 49 could not be invoked on a bare Section 66/67 application. However, the agreements were treated as non-est and unenforceable because they were executed after a SARFAESI Section 13(13) restraint, statutorily prohibiting transfer/lease of secured assets; additionally, they were found to have been executed with intent to defraud creditors, justifying contribution under Section 66, including refund of sale proceeds received. Appeal dismissed. - NCLAT
The dominant issue was whether the Adjudicating Authority could cancel a leave and license agreement and usage deed under IBC provisions despite the application lacking specific pleadings invoking Sections 45/46/49. Applying the requirement of section-wise material pleadings for avoidance relief, it was held that Section 49 could not be invoked on a bare Section 66/67 application. However, the agreements were treated as non-est and unenforceable because they were executed after a SARFAESI Section 13(13) restraint, statutorily prohibiting transfer/lease of secured assets; additionally, they were found to have been executed with intent to defraud creditors, justifying contribution under Section 66, including refund of sale proceeds received. Appeal dismissed. - NCLAT
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