Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
Classification of knocked down motor vehicle component imports: Notification benefit denied because items are standalone non kit parts requiring subst...
Reassessment against a deceased assessee: procedural defect mandates fresh reassessment; nonresponsive petitioner may be treated as legal representati...
After the CoC approved a resolution plan with 100% voting and the approval application was pending, the subsequently reconstituted CoC lacked jurisdiction to withdraw the plan, cancel the LoI, or seek remand for reconsideration; the later resolutions were unauthorised and contrary to CIRP Regulations and could not be relied upon, so the plan had to be considered for approval in accordance with law. On compliance with section 30(2)(b) IBC, only operational creditors and dissenting financial creditors are statutorily assured liquidation-value minimum; other creditors are not mandatorily payable, and the secured creditor's claim was addressed in the plan and had to be paid as provided, so the plan was not non-compliant. Appeal allowed. - NCLAT
After the CoC approved a resolution plan with 100% voting and the approval application was pending, the subsequently reconstituted CoC lacked jurisdiction to withdraw the plan, cancel the LoI, or seek remand for reconsideration; the later resolutions were unauthorised and contrary to CIRP Regulations and could not be relied upon, so the plan had to be considered for approval in accordance with law. On compliance with section 30(2)(b) IBC, only operational creditors and dissenting financial creditors are statutorily assured liquidation-value minimum; other creditors are not mandatorily payable, and the secured creditor's claim was addressed in the plan and had to be paid as provided, so the plan was not non-compliant. Appeal allowed. - NCLAT
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