Retrospective application of beneficial circulars upheld, binding officers and granting post adjudication relief where adjudication occurred after cir...
Admissibility of Investigation Statements requires witness examination before the adjudicating authority; otherwise statements cannot sustain a penalt...
Transaction value and connected person treatment in excise valuation: proprietary concerns not inter connected undertakings, relief on valuation and c...
Admission of a Section 7 insolvency application may be deferred only where relevant facts justify restraint, including the amount awarded, the wider debt position, and the corporate debtor's financial health and viability. Applying Vidarbha Industries Power Ltd., the Appellate Tribunal noted that the debt extended to consortium lenders, the execution claim was far below the admitted consortium debt, and the corporate debtor was only a project SPV with no independent business or income and no financial viability after takeover of the project. On those facts, the arbitral award in favour of the corporate debtor did not justify refusal or deferral of CIRP admission, and the Section 7 admission was upheld.
Admission of a Section 7 insolvency application may be deferred only where relevant facts justify restraint, including the amount awarded, the wider debt position, and the corporate debtor's financial health and viability. Applying Vidarbha Industries Power Ltd., the Appellate Tribunal noted that the debt extended to consortium lenders, the execution claim was far below the admitted consortium debt, and the corporate debtor was only a project SPV with no independent business or income and no financial viability after takeover of the project. On those facts, the arbitral award in favour of the corporate debtor did not justify refusal or deferral of CIRP admission, and the Section 7 admission was upheld.
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