Authorization requirements for customs brokers and benami shipping bills: tribunal upholds licence revocation and penalties after COVID time limit fou...
Eligibility for notification exemption on imported fertilizers challenged; penalty, interest and confiscation set aside after voluntary payment and no...
Dominant issue one: Whether admission under Section 7 requires inquiry beyond existence of financial debt and default - court held the mandatory inquiry is limited to debt and occurrence of default; admitted defaults, breach of restructuring and non-payment were conclusively established and the narrow Vidarbha exception was inapplicable, therefore admission into CIRP was correctly ordered. Dominant issue two: Whether a homebuyers' society has locus standi to intervene at the Section 7/admission or appellate stage - court held pre-admission proceedings are in personam, the society is neither a financial nor operational creditor and produced no representative mandate, so it has no statutory right to be heard and cannot appeal. - SC
Dominant issue one: Whether admission under Section 7 requires inquiry beyond existence of financial debt and default - court held the mandatory inquiry is limited to debt and occurrence of default; admitted defaults, breach of restructuring and non-payment were conclusively established and the narrow Vidarbha exception was inapplicable, therefore admission into CIRP was correctly ordered. Dominant issue two: Whether a homebuyers' society has locus standi to intervene at the Section 7/admission or appellate stage - court held pre-admission proceedings are in personam, the society is neither a financial nor operational creditor and produced no representative mandate, so it has no statutory right to be heard and cannot appeal. - SC
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4816 
Join Channel 
