Reverse charge and assignment of royalty collection: exemption for excess royalty collectors subject to reconciliation; leaseholders remain liable und...
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...
Distribution of assets in company liquidation must exclude third-party assets before applying the statutory waterfall: exclusion of amounts held for employees (provident, pension and gratuity funds) takes precedence over general distribution rules, and sums determined under EPF provisions fall within all sums due to workmen. Such employee entitlements constitute third-party assets even if not held in a dedicated account and must be removed from the liquidation estate prior to distribution. Misclassification by the liquidator requires corrective relief: the financial creditor was directed to remit the disputed amount to the employee fund claimant and report compliance to the adjudicating authority for record correction.
Distribution of assets in company liquidation must exclude third-party assets before applying the statutory waterfall: exclusion of amounts held for employees (provident, pension and gratuity funds) takes precedence over general distribution rules, and sums determined under EPF provisions fall within all sums due to workmen. Such employee entitlements constitute third-party assets even if not held in a dedicated account and must be removed from the liquidation estate prior to distribution. Misclassification by the liquidator requires corrective relief: the financial creditor was directed to remit the disputed amount to the employee fund claimant and report compliance to the adjudicating authority for record correction.
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