Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
Classification of knocked down motor vehicle component imports: Notification benefit denied because items are standalone non kit parts requiring subst...
Reassessment against a deceased assessee: procedural defect mandates fresh reassessment; nonresponsive petitioner may be treated as legal representati...
Initiation of CIRP was upheld because unsecured loans were actually disbursed to the corporate debtor, obliging the Adjudicating Authority to admit the Section 7 petition; the appeal that initiation was illegal was rejected. Related party or subsidiary links did not bar the financial creditors from lending, so related party status did not vitiate claims and the challenge to liquidation and e auctions failed. The Committee of Creditors' commercial wisdom and the Adjudicating Authority's evaluation under the Code were treated as non justiciable and final, so liquidation steps and waterfall distribution were sustained. Exorbitant interest was disallowed though principal liability remained enforceable.
Initiation of CIRP was upheld because unsecured loans were actually disbursed to the corporate debtor, obliging the Adjudicating Authority to admit the Section 7 petition; the appeal that initiation was illegal was rejected. Related party or subsidiary links did not bar the financial creditors from lending, so related party status did not vitiate claims and the challenge to liquidation and e auctions failed. The Committee of Creditors' commercial wisdom and the Adjudicating Authority's evaluation under the Code were treated as non justiciable and final, so liquidation steps and waterfall distribution were sustained. Exorbitant interest was disallowed though principal liability remained enforceable.
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