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...
The note addresses whether a confirmed tax-sale transfers title when an insolvency moratorium later commences. It explains that under the Second Schedule and attendant rules, confirmation of a tax sale vests absolute title in the auction purchaser once purchase money is deposited; issuance of the sale certificate is a ministerial formality and merely evidences the date of vesting. Accordingly, a moratorium on proceedings under insolvency law cannot retrospectively nullify a sale that had already become absolute at confirmation. The practical effect is that confirmed sales completed before CIRP commencement remain effective and cannot be set aside by the moratorium.
The note addresses whether a confirmed tax-sale transfers title when an insolvency moratorium later commences. It explains that under the Second Schedule and attendant rules, confirmation of a tax sale vests absolute title in the auction purchaser once purchase money is deposited; issuance of the sale certificate is a ministerial formality and merely evidences the date of vesting. Accordingly, a moratorium on proceedings under insolvency law cannot retrospectively nullify a sale that had already become absolute at confirmation. The practical effect is that confirmed sales completed before CIRP commencement remain effective and cannot be set aside by the moratorium.
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