Transaction value and connected person treatment in excise valuation: proprietary concerns not inter connected undertakings, relief on valuation and c...
Appointment of Registrars as adjudicating officers under Companies Act reallocates territorial jurisdiction and sets appeal route to Regional Director...
Composite supply of drilling services and site specific chemicals characterised as composite supply; prior advance rulings set aside, tax rate left op...
Cross country pipeline classification and ITC entitlement: pipelines outside factory treated as immovable, ITC disallowed under Section 17 restriction...
In Section 7 insolvency proceedings, intervention by a third party is not warranted merely because it claims an interest under an unregistered agreement for sale. The Appellate Tribunal held that Order I Rule 10 CPC principles may guide, but do not directly govern, the Code; the relevant inquiry is whether the person is a necessary or proper party to adjudication of the financial creditor's claim against the corporate debtor on default. Because the appellant held no conveyance and its claim, if any, lay only against the corporate debtor, it had no legal status requiring impleadment. The refusal to intervene was upheld.
In Section 7 insolvency proceedings, intervention by a third party is not warranted merely because it claims an interest under an unregistered agreement for sale. The Appellate Tribunal held that Order I Rule 10 CPC principles may guide, but do not directly govern, the Code; the relevant inquiry is whether the person is a necessary or proper party to adjudication of the financial creditor's claim against the corporate debtor on default. Because the appellant held no conveyance and its claim, if any, lay only against the corporate debtor, it had no legal status requiring impleadment. The refusal to intervene was upheld.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
