Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
IBC - Highlights / Catch Notes

Home Highlights July 2023 Year 2023 This

CIRP - Leased Aircrafts - The notice of default and termination ...

Case Laws     Insolvency and Bankruptcy

July 13, 2023

CIRP - Leased Aircrafts - The notice of default and termination sent by the Petitioners to Respondent/Go Air - The Petitioners have made out a strong prima facie case in view of the provisions of the Aircrafts Rules as discussed herein. The balance of convenience is also in favor of the Petitioners. The Petitioners are suffering irreparable losses as the value of these Aircrafts are diminishing on a daily basis - Interim relief granted - HC

View Source

 


 

You may also like:

  1. The proposed amendment to Rule 21B of the Special Economic Zones Rules, 2006 seeks to broaden the scope of activities allowed within International Financial Services...

  2. Initiation of CIRP - Relevant date of default - The Tribunal noted the appellant’s arguments about defaults prior to the RBI’s COVID-19 moratorium guidelines but also...

  3. Jurisdiction of the Adjudicating Authority (NCLT) to adjudicate upon a closure notice issued prior to the initiation of the Corporate Insolvency Resolution Process...

  4. Service tax on lease of aircraft - Operating Lease Agreement - transfer or right to use the aircraft - deemed sale - prima facie case in favour of assessee - AT

  5. CESTAT New Delhi held that an aircraft used for transporting persons for remuneration falls under public transport, not private use. Referring to M/s.V.R.L. Logistics,...

  6. Validity of reassessment order - Notice sent on wrong (old) E-mail ID - The petitioner company had two email addresses, one used until 2019 and another operational since...

  7. Wages/salaries of the workmen/employees during the CIRP period - There are disputed questions, whether in fact the IRP/RP managed the operations of the corporate debtor...

  8. The assessee, a foreign airline company and tax resident of the USA, engaged in the business of operating aircraft in international traffic, obtained approval from DGCA...

  9. Import of one aircraft engine - Exemption from Customs duty and CVD - The lease for aircraft has already been terminated. There is no way the aircraft can be considered...

  10. Cancellation of lease granted earlier, after initiation of CIRP - After CIRP is over, it shall be open for the Appellant to deal with the lease land which was leased to...

  11. Validity of SCN proposing to declare the petitioners as wilful defaulters - Classification of Account as NPA - Impact of CIRP proceedings under IBC - The High Court held...

  12. Classification of service - aircrafts taken on lease from the foreign company - supply to tangible goods service or transportation of passenger by air service - prima...

  13. Non-payment of service tax - aviation services - The Tribunal acknowledged that the appellant's Delhi unit had discharged its service tax liability for chartering...

  14. CIRP proceedings - Validity of Sub-lease - Admittedly, the transfer of portion of plot by sub-lease was effected on 27.09.2016 whereas CIRP initiated after more than two...

  15. Declaration of Wilful Defaulter of the petitioner - Liability of Directors - The High Court dismissed the petitioner's arguments regarding the mechanical repetition of...

 

Quick Updates:Latest Updates