Imported menthol-scented sweet supari classification dispute: seizure quashed, release for home consumption subject to duty bond; bank guarantee refus...
CKD/SKD air-conditioner components classifiable with finished units by essential character; prior advance ruling extended three years, FTA benefits po...
Scope of judicial review under Article 226: supervisory, not appellate; factual reappraisal barred, challenge dismissed; insolvency professional dutie...
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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