Customs valuation and import permissibility conflict resolved: accepted enhancement of transaction value removes liability for confiscation and penalt...
Attachment and proclamation of sale of immovable property: limitation treated from financial year end; proclamation held within period, petition dismi...
Second Schedule attachment and validity of a post-notice mortgage: TRO cannot declare mortgage void ab initio; sale and appropriation allowed thereaft...
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The challenge to dismissal of objections to a scheme of amalgamation was examined on locus standi and maintainability. Since the scheme expressly provided for transfer of legal and other proceedings, the tribunal found no cause to continue the appeal and declined to interfere with rejection of the objections; the objector was left to seek impleadment in any pending insolvency proceeding or pursue other remedies in law. On costs, considering the objector's plea of bona fides and the absence of serious opposition, the costs were reduced from Rs. 10 lakhs to Rs. 2.5 lakhs, payable to the Prime Minister National Relief Fund within six weeks, and the appeal was disposed accordingly. - NCLAT
The challenge to dismissal of objections to a scheme of amalgamation was examined on locus standi and maintainability. Since the scheme expressly provided for transfer of legal and other proceedings, the tribunal found no cause to continue the appeal and declined to interfere with rejection of the objections; the objector was left to seek impleadment in any pending insolvency proceeding or pursue other remedies in law. On costs, considering the objector's plea of bona fides and the absence of serious opposition, the costs were reduced from Rs. 10 lakhs to Rs. 2.5 lakhs, payable to the Prime Minister National Relief Fund within six weeks, and the appeal was disposed accordingly. - NCLAT
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