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Provisional release on security permitted where cash deposit plus bond secures differential duty; classification and treaty benefits referred for deci...
Customs Valuation Rule Sequence must be followed; single-comparator re-determination and penalties set aside without comparability or proof of mis-dec...
Separately Identifiable Services: transportation found to be the essential character, so Cargo Handling classification and extended limitation rejecte...
An insolvency sale may be set aside where the auction process, viewed cumulatively, lacks fairness, transparency and value maximisation. The Tribunal noted that a 25-day notice gap was not the only defect: key developments were disclosed to the Committee of Creditors only after valuation, publication, auction and issuance of the sale certificate, denying meaningful stakeholder input. It also relied on the nature of the asset as an encumbered 50% undivided residential share, the absence of adequate disclosure of mortgage and pending SARFAESI proceedings, and a significantly lower valuation without further cautionary valuation. The order directing fresh valuation and re-auction was upheld, and the challenge was also treated as untenable after acceptance of refund.
An insolvency sale may be set aside where the auction process, viewed cumulatively, lacks fairness, transparency and value maximisation. The Tribunal noted that a 25-day notice gap was not the only defect: key developments were disclosed to the Committee of Creditors only after valuation, publication, auction and issuance of the sale certificate, denying meaningful stakeholder input. It also relied on the nature of the asset as an encumbered 50% undivided residential share, the absence of adequate disclosure of mortgage and pending SARFAESI proceedings, and a significantly lower valuation without further cautionary valuation. The order directing fresh valuation and re-auction was upheld, and the challenge was also treated as untenable after acceptance of refund.
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