Minimum Import Price restrictions for Black Pepper, Areca-nuts and Apples upheld; procedural laying failure not fatal, notifications to be placed befo...
Transaction value between related persons requires market-equivalent pricing; importer must prove declared value mirrors ordinary international trade ...
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...
The NCLAT held that an 'undertaking' means a going concern-an organised revenue generating business integrated with assets-and not an isolated asset; the 20% quantitative test in the Explanation applies only after a qualitative finding of undertaking, so sale of the Saakar Bungalow (a passive mortgaged property acquired in 2017) was an asset sale that did not require a special resolution. The Tribunal upheld that the purchaser was a bona fide purchaser under the circumstances of a SARFAESI distress sale and that alleged undervaluation, with valuation on an 'as is where is' basis, did not warrant appellate interference in the NCLT's exercise of discretion.
The NCLAT held that an 'undertaking' means a going concern-an organised revenue generating business integrated with assets-and not an isolated asset; the 20% quantitative test in the Explanation applies only after a qualitative finding of undertaking, so sale of the Saakar Bungalow (a passive mortgaged property acquired in 2017) was an asset sale that did not require a special resolution. The Tribunal upheld that the purchaser was a bona fide purchaser under the circumstances of a SARFAESI distress sale and that alleged undervaluation, with valuation on an 'as is where is' basis, did not warrant appellate interference in the NCLT's exercise of discretion.
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