Imported analyser diagnostic cartridges treated as accessories with analyser system, not standalone diagnostic reagents; extended limitation and penal...
Steel-timber construction shuttering/formwork tariff classification dispute: essential character held steel, classified as shuttering under Heading 73...
Family-linked property purchases using fabricated loan agreements and benami-style arrangements held to be crime proceeds; attachment upheld, appeal d...
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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