Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
RPA (Remote Pilot Aircraft) for military use defined to include drones/UAV/UAS; exemptions limited to specified defence imports with Joint Secretary c...
Transfer of going concern and transfer of input tax credit under GST allowed; exemption applies though interstate ledger transfers left to authorities...
Whether erstwhile directors can be proceeded against under Section 138 N.I. Act where CIRP and IRP appointment preceded completion of the offence: applying Section 17 IBC and precedent, once IRP is appointed and moratorium imposed the board's powers and control over bank accounts vest with the IRP, so erstwhile directors are not "in charge" and lack authority to prevent cheque dishonour; therefore criminal liability under Section 138 cannot be fastened on them. Consequence: impugned summoning order quashed and complaint dismissed. - HC
Whether erstwhile directors can be proceeded against under Section 138 N.I. Act where CIRP and IRP appointment preceded completion of the offence: applying Section 17 IBC and precedent, once IRP is appointed and moratorium imposed the board's powers and control over bank accounts vest with the IRP, so erstwhile directors are not "in charge" and lack authority to prevent cheque dishonour; therefore criminal liability under Section 138 cannot be fastened on them. Consequence: impugned summoning order quashed and complaint dismissed. - HC
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