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...
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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