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Shubham Budhiraja [1]   WHETHER WRIT PETITION MAINTAINABLE AGAINST ORDER OF PROVISIONAL ATTACHMENT YES, if order is without application of mind or against principle of natural justice or without jurisdiction WHETHER ORDER OF PROVISIONAL ATTACHMENT CAN BE USED TO GET SPEEDY RECOVERY OF STATE REVENUE? NO , Provisional attachment is based on Proportionality doctrine   The GST Fraud case initiated against GM Power-tech for issuances of fake invoices to various companies including M/S Radha Krishnan (Appellant). The joint commissioner thereafter in exercise of its delegate powers issued Notice under Section 83 for provisional attachment of bank account of appellant which was challenged by appellant before HC in Writ petition which was dismissed due to availability of alternative remedy in GST Act. The Supreme Court held that exercise of power by Joint Commissioner under Section 83 provisional attachment was in violation to pro

WHETHER LIMITATION ACT, 1963 APPLIES TO IBC? YES ,  by virtue of Section 238A IBC WHETHER SECTION 18 APPLIES TO IBC? YES,   by virtue of Section 238A IBC   r/w  Sesh Nath Judgment  of Apex Court WHETHER FILLING OF BALANCE SHEET IS MANDATORY IN LAW? YES ,  by virtue of Section 2(40) r/w Section 92, 128 129, 134,  & 137 of companies act, 2013 WHETHER ENTRY IN BALANCE SHEET IS ACKNOWLEDGMENT OF DEBT? YES,  but it will be a question of fact depends on reading of auditor report, balance sheet, annexures to report would show if there is acknowledgment in unequivocal terms   FACTS The Corporate debtor undertook a thermal power project in year 2009 where it has taken various credit facilities from various banks including SBI. It has defaulted in payments and banks sent loan recall notice but failed & account declared as NPA. Thereafter major banks assigned their debts to an Assets reconstruction company which filed Section 13(2) SARFESI Notice and took possession of assets of Corpo

UOI V. VIJAY KUMAR IYER, HON’BLE NCLAT, BANSI LAL BHAT, J , 3JJ (i)                Natural resources are Nation assets which are owned by State as trustee and therefore there is implied obligation upon state to ensure constitutionalism and fairness in action while dealing with these assets at any stage   (ii)               Public trust doctrine is established judicial principle now which imposes duty on state to ensure that public interest does not get hampered under guise of private Interest while dealing with any natural resources   (iii)     Spectrum are Natural resources and therefore State / DOT have ownership as well as duty over it   (iv)         After LPG, telecom sector were given license to use these air waves as per licensee agreement on payment of fixed dues but since these private companies were not financially strong so mode of payment made as flexible in 1999 telecom policy   (v)        Through telecom policy of 2012, the payment is made as per method o