Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
Auction sale of an attached yacht belonging to the corporate debtor was challenged as violating the moratorium under s.14 IBC and was set aside by the adjudicating authority. Since the magistrate had permitted sale of the attached movable property and the auction was conducted before commencement of CIRP, s.14 IBC was inapplicable and the finding of moratorium breach was legally untenable; the auction was therefore not void. The adjudicating authority also lacked jurisdiction to interfere with an auction conducted pursuant to a criminal court's attachment/sale order, and no further directions were warranted regarding sale proceeds in this appeal; the impugned order was set aside and the appeal allowed. - NCLAT
Auction sale of an attached yacht belonging to the corporate debtor was challenged as violating the moratorium under s.14 IBC and was set aside by the adjudicating authority. Since the magistrate had permitted sale of the attached movable property and the auction was conducted before commencement of CIRP, s.14 IBC was inapplicable and the finding of moratorium breach was legally untenable; the auction was therefore not void. The adjudicating authority also lacked jurisdiction to interfere with an auction conducted pursuant to a criminal court's attachment/sale order, and no further directions were warranted regarding sale proceeds in this appeal; the impugned order was set aside and the appeal allowed. - NCLAT
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