Indirect transfer undertakings: structured withdrawal, waiver and indemnity process enabling administrative refund and attachment revocation. The amendment creates a procedure for relief in cases of indirect transfer of assets situate in India (pre-28 May 2012) requiring the declarant to submit an authorised undertaking in Form No.1 with undertakings from all interested parties and an indemnity bond, irrevocably withdrawing appeals, arbitrations and enforcement proceedings and waiving claims against India and Indian affiliates. On receipt the Commissioner may issue a certificate in Form No.2 or reject the undertaking; after filing the intimation in Form No.3 the Commissioner may grant relief by Form No.4, directing revocation of attachments and refund of recovered demand without interest, subject to prescribed timelines, proofs, public notice and enforceability under Indian law.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Indirect transfer undertakings: structured withdrawal, waiver and indemnity process enabling administrative refund and attachment revocation.
The amendment creates a procedure for relief in cases of indirect transfer of assets situate in India (pre-28 May 2012) requiring the declarant to submit an authorised undertaking in Form No.1 with undertakings from all interested parties and an indemnity bond, irrevocably withdrawing appeals, arbitrations and enforcement proceedings and waiving claims against India and Indian affiliates. On receipt the Commissioner may issue a certificate in Form No.2 or reject the undertaking; after filing the intimation in Form No.3 the Commissioner may grant relief by Form No.4, directing revocation of attachments and refund of recovered demand without interest, subject to prescribed timelines, proofs, public notice and enforceability under Indian law.
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