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...
NCLAT held that a shareholder had no locus to reopen concluded insolvency proceedings or to agitate the corporate debtor's grievance after approval and implementation of the resolution plan. It found that repeated challenges based on the same memorandum of understanding and alleged fraud had already been rejected through prior proceedings, including appellate and Supreme Court scrutiny, and that the later application was a belated, suppressed and de novo attempt to relitigate settled issues. The Tribunal also held that NCLT's inherent powers could not be used to compel criminal action in a civil insolvency forum. The appeal was dismissed with costs for abuse of process.
NCLAT held that a shareholder had no locus to reopen concluded insolvency proceedings or to agitate the corporate debtor's grievance after approval and implementation of the resolution plan. It found that repeated challenges based on the same memorandum of understanding and alleged fraud had already been rejected through prior proceedings, including appellate and Supreme Court scrutiny, and that the later application was a belated, suppressed and de novo attempt to relitigate settled issues. The Tribunal also held that NCLT's inherent powers could not be used to compel criminal action in a civil insolvency forum. The appeal was dismissed with costs for abuse of process.
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