Financial hardship must be proved with reliable evidence before modification of a stay order will be considered.

Modification of a stay order on grounds of financial hardship requires substantiated evidence. Income-tax returns and an unauthenticated statement of accounts were held insufficient, because the statement was treated as a self-serving document and not a reliable statement of affairs supported by a chartered accountant or auditor. On that material, the applicants failed to establish even a prima facie case of financial difficulty, and the claim was found lacking in bona fides; the request for modification was rejected.

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Issues: Whether the applicants were entitled to modification of the earlier stay order on the basis of financial hardship.

Analysis: The applications were to be considered only if financial hardship was substantiated. The applicants relied on income-tax returns and a statement of accounts, but the material produced did not constitute acceptable documentary evidence of hardship. The statement of accounts was treated as a self-serving document prepared by the partner and was not authenticated by a chartered accountant or auditor as a reliable statement of affairs.

Conclusion: The applicants failed to establish even a prima facie case of financial difficulty and the claim lacked bona fides. The applications for modification were rejected.

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