Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
Section 95 insolvency proceedings against personal guarantors were held to be within limitation because the guarantors' debt liability had crystallised through the DRT judgment and recovery certificate, and the Covid-19 limitation extension plus later demand notice preserved a subsisting cause of action. The plea that approval of the corporate debtor's resolution plan extinguished the guarantors' liability was rejected, as personal guarantees were not dealt with in the plan and guarantor liability remains co-extensive for the unpaid balance. The Tribunal relied on the finality of the DRT adjudication and incomplete recovery, and upheld admission of the Section 95 applications.
Section 95 insolvency proceedings against personal guarantors were held to be within limitation because the guarantors' debt liability had crystallised through the DRT judgment and recovery certificate, and the Covid-19 limitation extension plus later demand notice preserved a subsisting cause of action. The plea that approval of the corporate debtor's resolution plan extinguished the guarantors' liability was rejected, as personal guarantees were not dealt with in the plan and guarantor liability remains co-extensive for the unpaid balance. The Tribunal relied on the finality of the DRT adjudication and incomplete recovery, and upheld admission of the Section 95 applications.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4816 
Join Channel 
