Interest on deposit - sale consideration amount deposited by the ...

Case Laws Insolvency and Bankruptcy

April 16, 2024

Interest on deposit - sale consideration amount deposited by the appellant - The Tribunal acknowledged the regulations stipulating that payments made after thirty days attract a 12% interest rate. However, it noted that the Liquidator’s hands were tied due to the NCLT’s restraining order, preventing the issuance of the Sale Certificate until specific approvals were obtained. Citing Supreme Court precedents, the Tribunal discussed the entitlement to interest and the principles of equity and restitution but ultimately noted that these did not apply under the circumstances where the Sale Certificate’s issuance was delayed by judicial intervention rather than administrative oversight.

View Source

← Previous Next →

Interest on deposit - sale consideration amount deposited by the ...

Case Laws Insolvency and Bankruptcy

April 16, 2024

You may also like:

Requirement of pre-deposit towards compliance with proviso to Section 43 (5) of RERA - liability of Appellant to pay interest is not in praesenti but in future -...

Cash credit u/s 68 r.w.s. 115BBE - cash deposit during demonetization period - assessee's failure to maintain books of accounts u/s 44AD. Held that where exemption from...

Prosecution for commission of offence u/s 276B r/w 278B - Sanction u/s 279(1) - TDS deducted but not deposited in time - The amount has already been deposited with...

The case pertains to the interpretation of amended provisions of Sections 35F and 35FF of the Central Excise Act, 1944, regarding eligibility for interest on pre-deposit...

Reopening of assessment - Source of cash deposit - determination of total amount of consideration out of the sale of agriculture land - It is a case of cash deposit....

Prosecution u/s 276B and 278B - delay in depositing the TDS amount in the Central Government - The petitioner claims that the notice to deposit the amount was issued on...

Interpretation of statute - calculation of amount of pre-deposit u/s 18 of the SARFAESI Act - 50% of which amount the borrower is required to deposit as pre-deposit -...

Prosecution Proceedings - Offence u/s 276B and 278B - not depositing the TDS amount - The court acknowledged that the petitioners provided reasonable explanations for...

The court held that the assessee was entitled to refund of Rs. 3,50,00,000/- deposited with the department, along with statutory interest and interest on refunds. The...

Unexplained cash deposits - Deposits in regular bank account of the assessee, during demonetization period - the assessee was maintaining complete stock tally, the sales...

Interest on delayed refund of amount - the amount was paid during the investigation under protest as pre-deposit - The appellant is entitled to claim interest from the...

Interest on the pre-deposit - The Tribunal found that the issue revolved around whether the appellants were entitled to interest on the pre-deposit u/s 35FF of the...

Entitlement to Interest on the amount of deposit, pending litigation, from the date of deposit till the date of actual refund - such amount deposited during...

Scope of Deposits - amounts collected by the petitioners for sale of immovable property as advance - would come under the purview of ‘deposits’ or would exempt from the...

Claim of interest with refund of Pre-deposit made - Rate of interest - amount was deposited under protest - Revenue are expected to at least now, on or before 15th July,...

Quick Updates: