Classification of imported salvaged shaft pieces as ship parts confirmed, reassessment time-barred and appeal allowed restoring original classificatio...
Scope of intermediary status for data hosting services: tribunal finds provider not intermediary, services exported and not taxable, limited remand on...
CENVAT credit availability after omission of Rule 12B in textiles confirmed; late addendum to SCN introducing new grounds held time-barred and invalid...
Export of Wheat Flour and related products subject to online allocation, eligibility criteria, non-transferable six-month authorisations and reporting...
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A second charge created under a consent decree and consequential deed of charge was upheld as a valid security interest where the first charge holder's priority remained expressly preserved and the second charge operated only after discharge of the first charge. The Tribunal held that absence of the first charge holder's prior consent did not render the second charge a nullity, and the liquidator was bound by the decree and deed. It also held that Regulation 21 of the Liquidation Process Regulations is enabling, not exhaustive, so security interest may be proved by other valid material. Non-registration under Section 77 of the Companies Act was not, by itself, enough to deny secured status. The appeal was dismissed.
A second charge created under a consent decree and consequential deed of charge was upheld as a valid security interest where the first charge holder's priority remained expressly preserved and the second charge operated only after discharge of the first charge. The Tribunal held that absence of the first charge holder's prior consent did not render the second charge a nullity, and the liquidator was bound by the decree and deed. It also held that Regulation 21 of the Liquidation Process Regulations is enabling, not exhaustive, so security interest may be proved by other valid material. Non-registration under Section 77 of the Companies Act was not, by itself, enough to deny secured status. The appeal was dismissed.
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