Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
RPA (Remote Pilot Aircraft) for military use defined to include drones/UAV/UAS; exemptions limited to specified defence imports with Joint Secretary c...
Transfer of going concern and transfer of input tax credit under GST allowed; exemption applies though interstate ledger transfers left to authorities...
Admission of a Section 7 petition was upheld where financial debt and default were established by undisputed records and acknowledgements, so admission at the summary stage was proper. The adjudicating authority's role at admission is confined to existence of debt and default; Vidarbha-type viability inquiries were not warranted absent concrete contemporaneous evidence extinguishing the debt. A prior dismissal based on a quashed regulatory circular did not attract res judicata to bar the fresh petition under the revised RBI framework. The RBI framework did not prohibit filing and lender resolution choices are commercial; allegations of creditor misconduct were unproven and did not negate debt or default.
Admission of a Section 7 petition was upheld where financial debt and default were established by undisputed records and acknowledgements, so admission at the summary stage was proper. The adjudicating authority's role at admission is confined to existence of debt and default; Vidarbha-type viability inquiries were not warranted absent concrete contemporaneous evidence extinguishing the debt. A prior dismissal based on a quashed regulatory circular did not attract res judicata to bar the fresh petition under the revised RBI framework. The RBI framework did not prohibit filing and lender resolution choices are commercial; allegations of creditor misconduct were unproven and did not negate debt or default.
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