Retrospective application of beneficial circulars upheld, binding officers and granting post adjudication relief where adjudication occurred after cir...
Admissibility of Investigation Statements requires witness examination before the adjudicating authority; otherwise statements cannot sustain a penalt...
Transaction value and connected person treatment in excise valuation: proprietary concerns not inter connected undertakings, relief on valuation and c...
Appointment of Registrars as adjudicating officers under Companies Act reallocates territorial jurisdiction and sets appeal route to Regional Director...
Composite supply of drilling services and site specific chemicals characterised as composite supply; prior advance rulings set aside, tax rate left op...
The dominant issue was whether a deed clause and related pleadings created a "contract of guarantee" under s.126 of the Contract Act so as to support initiation of CIRP against the alleged surety under s.7 of the IBC. The Court held that a guarantee requires an unambiguous undertaking to discharge a third party's liability upon default; a limited statement in mortgage-enforcement pleadings that liability was confined to the mortgaged property did not establish such a guarantee, and case law on admissions under s.58 of the Evidence Act was inapplicable. Consequently, the rejection of the s.7 application was affirmed and the appeal was dismissed. - SC
The dominant issue was whether a deed clause and related pleadings created a "contract of guarantee" under s.126 of the Contract Act so as to support initiation of CIRP against the alleged surety under s.7 of the IBC. The Court held that a guarantee requires an unambiguous undertaking to discharge a third party's liability upon default; a limited statement in mortgage-enforcement pleadings that liability was confined to the mortgaged property did not establish such a guarantee, and case law on admissions under s.58 of the Evidence Act was inapplicable. Consequently, the rejection of the s.7 application was affirmed and the appeal was dismissed. - SC
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