Classification of imported salvaged shaft pieces as ship parts confirmed, reassessment time-barred and appeal allowed restoring original classificatio...
Scope of intermediary status for data hosting services: tribunal finds provider not intermediary, services exported and not taxable, limited remand on...
CENVAT credit availability after omission of Rule 12B in textiles confirmed; late addendum to SCN introducing new grounds held time-barred and invalid...
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Interpretation of the term "existing management" in an approved resolution plan was central to deciding whether a pending civil suit for mesne profits could continue against the corporate debtor under new management. The court held that "existing management" referred to the management immediately prior to takeover, and the resolution plan permitted continuation only to determine monetary liability recoverable, if any, from the erstwhile management, not from the corporate debtor/new management. Since an approved plan under s. 31(1) IBC freezes and extinguishes all claims not provided for, the suit was barred against the corporate debtor/new management; it could proceed only against the erstwhile management if steps were taken within a fortnight, failing which it would be treated as disposed. - HC
Interpretation of the term "existing management" in an approved resolution plan was central to deciding whether a pending civil suit for mesne profits could continue against the corporate debtor under new management. The court held that "existing management" referred to the management immediately prior to takeover, and the resolution plan permitted continuation only to determine monetary liability recoverable, if any, from the erstwhile management, not from the corporate debtor/new management. Since an approved plan under s. 31(1) IBC freezes and extinguishes all claims not provided for, the suit was barred against the corporate debtor/new management; it could proceed only against the erstwhile management if steps were taken within a fortnight, failing which it would be treated as disposed. - HC
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