Signatories/directors cannot escape from their penal liability under Section 138 of NI Act by citing its dissolution. What is dissolved, is only company, not personal penal liability of accused covered under Section 141 of NI Act.
Once Resolution Plan stands approved, no alterations/modifications are permissible. It is either to be approved or disapproved, but any modification after approval of Resolution Plan by CoC, based on its commercial wisdom, is not open for judicial review unless it is found to be not in conformity with mandate of IBC Code.
SC held that writ petition entertained by Sikkim HC for tax levied by Government of Goa, merely because petitioning company has its office in Gangtok, Sikkim, is unjustifiable and lacks jurisdiction.
Who can be said to be related person u/s 4(4)(c) of Central Excise Act, 1944 to enable authorities to discard transaction value & arrive at a valuation otherwise?
SC held that fixation of MRP must have been mandated by law and in the present case the institutional sale to paramilitary forces being exempted from such fixation under legal Metrology (Packaged Commodities) Rules,2011, the voluntary fixing of the MRP could not make the respondent eligible to get the exemption on institutional sales and thus allowed the SLP of the department.
Victory Iron Works Ltd. Vs Jitendra Lohia (Supreme Court of India) The main ground of attack of the appellants to the impugned orders of the NCLT and NCLAT is that by virtue of the Explanation under Section 18 of the Code and also by virtue of the judicial pronouncements, the disputes between the Corporate Debtor […]
Supreme Court held that as there is no final assessment in fake invoice case made under GST Act, the appellant cannot be said to be under a legal liability. Accordingly, condition of pre-deposit for grant of anticipatory bail not imposable.
Basic premise of Section 105 & search proceedings is reasonable belief that some objective material exists on record to trigger searches
Supreme Court of India held that in money laundering case the issue of territorial jurisdiction cannot be decided in a writ petition, especially when there is a serious factual dispute about the place/places of commission of the offence.
Supreme Court of India held that conditions under Section 45 Prevention of Money Laundering Act, 2002 (PMLA) is applicable to Anticipatory Bail application under section 438 of The Code of Criminal Procedure, 1973.
