CKD/SKD air-conditioner components classifiable with finished units by essential character; prior advance ruling extended three years, FTA benefits po...
Scope of judicial review under Article 226: supervisory, not appellate; factual reappraisal barred, challenge dismissed; insolvency professional dutie...
Courier transshipment of imported goods via named carrier to air cargo stations renewed until 30.01.2026; exemption conditional, strict controls apply...
An application under Section 7 of the Insolvency and Bankruptcy Code is governed by Article 137 of the Limitation Act, and time runs from the date of default. The Court held that limitation began when the accounts were classified as NPA on 06.12.2016, not from the later end of SARFAESI proceedings. After excluding the moratorium period under Section 60(6) and the Covid-related exclusion orders, the petition was still filed beyond the remaining limitation period and was time-barred. The Court also held that admission of a claim by the IRP/RP is only an administrative act and does not amount to acknowledgment under Section 18 of the Limitation Act, which requires a conscious admission by the debtor or authorised person before limitation expires.
An application under Section 7 of the Insolvency and Bankruptcy Code is governed by Article 137 of the Limitation Act, and time runs from the date of default. The Court held that limitation began when the accounts were classified as NPA on 06.12.2016, not from the later end of SARFAESI proceedings. After excluding the moratorium period under Section 60(6) and the Covid-related exclusion orders, the petition was still filed beyond the remaining limitation period and was time-barred. The Court also held that admission of a claim by the IRP/RP is only an administrative act and does not amount to acknowledgment under Section 18 of the Limitation Act, which requires a conscious admission by the debtor or authorised person before limitation expires.
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