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...
Whether directors were liable to contribute under s.66 IBC for fraudulent/wrongful trading arising from transactions allegedly siphoning value from the corporate debtor. The tribunal held that while a transaction audit report is not conclusive, it is a valuable evidentiary material when founded on audited records, and here the appellants failed to show the impugned transactions were in the ordinary course or supported by commercial justification. Given the timing during pending insolvency, sale of substantial gold inventory on unsecured credit contrary to bullion-market practice, and the apparent intent to keep assets beyond creditors' reach, the transactions were found to be knowingly fraudulent, warranting contribution; the appeal was dismissed - NCLAT
Whether directors were liable to contribute under s.66 IBC for fraudulent/wrongful trading arising from transactions allegedly siphoning value from the corporate debtor. The tribunal held that while a transaction audit report is not conclusive, it is a valuable evidentiary material when founded on audited records, and here the appellants failed to show the impugned transactions were in the ordinary course or supported by commercial justification. Given the timing during pending insolvency, sale of substantial gold inventory on unsecured credit contrary to bullion-market practice, and the apparent intent to keep assets beyond creditors' reach, the transactions were found to be knowingly fraudulent, warranting contribution; the appeal was dismissed - NCLAT
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