Home Highlights November 2012 Year 2012 This

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1. To facilitate exports under GST, it has been decided to allow exporters the facility of furnishing Letter of Undertaking in place of a bond - This facility of furnishing...

2. Facility of furnishing Letter of Undertaking extended to more exporters

3. IBC - Invoking Bank Guarantee - Corporate Debtor has issued bank guarantee for ensuring the price of goods. The bank guarantee is irrevocable and unconditional and...

4. Procedures for bank guarantees and customs bonds under Indian customs law, detailing obligations for importers/exporters (obligors) and banks. Key provisions include:...

5. Initiation of CIRP - corporate guarantor or not - In a contract of guarantee, there are three different entities i.e. i) ‘surety’ ii) ‘principal debtor’ and iii)...

6. Encashment of Bank Guarantees during CIRP period - scope of moratorium u/s 14 of IBC - If bank guarantee is beyond the mentioned amount in the bank guarantee, if the...

7. Liquidation Proceedings - Invocation of Bank Guarantee - there is no material to show that any fraud was played by the Corporate Debtor in obtaining Bank Guarantee from...

8. TP adjustment commission on letter of credit - international transaction or not? - CIT (A) appreciated the difference between corporate guarantee and Letter of Comfort....

9. TP adjustment on account of back-to-back counter bank guarantee - TPO, by considering the rate charged by Bank of Baroda for issuance of guarantee against 100% counter...

10. Constitutional validity of Section 33(5) of the Haryana Value Added Tax Act, 2003, regarding the waiver of the condition of pre-deposit of surety bond or bank guarantee,...

11. Refusal of the Bank to invoke the Bank Guarantee - Adjudicating Authority has taken the view that since CIRP proceedings were continuing the Bank Guarantee cannot be...

12. Invocation and encashment of Performance Bank Guarantee(s) (PBG) granted by the Appellant - surety in a contract of guarantee to a ‘Corporate Debtor’ - A Performance...

13. The Delhi High Court allowed the application regarding money laundering and provisional attachment of property. The court ordered the substitution of the attached...

14. RCM - payment of guarantee fee towards receipt of Bank Guarantees - These are not the guarantees provided by a corporation for it’s subsidiaries but are pure bank...

15. Petitioners agreed to impugned public notices being read subject to contracts between shipping lines and exporter/importer, as per paragraph 24 of affidavit in reply,...