Prohibited importation of cosmetics without prior regulatory registration attracts seizure and confiscation; warehousing or re export claims do not cu...
Provisional release on security permitted where cash deposit plus bond secures differential duty; classification and treaty benefits referred for deci...
Customs Valuation Rule Sequence must be followed; single-comparator re-determination and penalties set aside without comparability or proof of mis-dec...
Separately Identifiable Services: transportation found to be the essential character, so Cargo Handling classification and extended limitation rejecte...
The dominant issue was whether the applicant qualified as a financial creditor on the basis of an alleged corporate guarantee. The tribunal held that no valid and enforceable guarantee was proved because reliance on a master loan clause, absent a separate guarantee deed, prior invocation, or authorising board resolution, did not establish a binding guarantee or a financial debt under s. 5(8)(i) IBC; accordingly, the claim was rightly rejected. It further held that the claim was time-barred and could not be entertained after resolution plan approval, and that filing the same admitted debt in two CIRPs without safeguards against double recovery was impermissible duplication; hence the appeal was dismissed - NCLAT
The dominant issue was whether the applicant qualified as a financial creditor on the basis of an alleged corporate guarantee. The tribunal held that no valid and enforceable guarantee was proved because reliance on a master loan clause, absent a separate guarantee deed, prior invocation, or authorising board resolution, did not establish a binding guarantee or a financial debt under s. 5(8)(i) IBC; accordingly, the claim was rightly rejected. It further held that the claim was time-barred and could not be entertained after resolution plan approval, and that filing the same admitted debt in two CIRPs without safeguards against double recovery was impermissible duplication; hence the appeal was dismissed - NCLAT
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