Minimum Import Price restrictions for Black Pepper, Areca-nuts and Apples upheld; procedural laying failure not fatal, notifications to be placed befo...
Transaction value between related persons requires market-equivalent pricing; importer must prove declared value mirrors ordinary international trade ...
Classification of exported insecticides under export tariff affirmed; reclassification and related penalties set aside and MEIS scrip jurisdiction rec...
Misclassification between copra and dry coconut: customs recovery and re-valuation quashed for lack of prior licensing-authority invalidation, appeals...
Interim finance raised during CIRP from a related party and concurrent appointment of related legal counsel created a conflict of interest and breached the fiduciary duty and transparency obligations of the resolution professional, warranting corrective action. The RP failed to place terms of the loan and CIRP costs before the CoC for informed approval, and appropriated interim funds largely for his own and the related lawyers fees, justifying reduction of fees recoverable. The Appellate Tribunal upheld findings of misuse, disallowed certain interim finance refunds for interest and processing fees, and moderated the RPs recovery to Rs. 50 lakhs.
Interim finance raised during CIRP from a related party and concurrent appointment of related legal counsel created a conflict of interest and breached the fiduciary duty and transparency obligations of the resolution professional, warranting corrective action. The RP failed to place terms of the loan and CIRP costs before the CoC for informed approval, and appropriated interim funds largely for his own and the related lawyers fees, justifying reduction of fees recoverable. The Appellate Tribunal upheld findings of misuse, disallowed certain interim finance refunds for interest and processing fees, and moderated the RPs recovery to Rs. 50 lakhs.
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