Revisional power in block assessment upheld, undisclosed search income sustained, freight suppression addition restored, accrued lorry hire liability ...
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A Section 97 order appointing a Resolution Professional in personal guarantor insolvency proceedings was set aside because it rested on misrepresentation of foundational jurisdictional facts. The NCLAT found that the creditor had proceeded as if a deed of guarantee and invocation letter were on record, even though the assignment documents showed guarantors as nil and the creditor later admitted that no such documents had been filed. Since proceedings under Section 95 depend on proper foundational materials, the order was held vitiated and void ab initio for misrepresentation, applying the principle that an order obtained by fraud or misstatement cannot stand. Liberty was granted to file a fresh Section 95 application with the relevant documents.
A Section 97 order appointing a Resolution Professional in personal guarantor insolvency proceedings was set aside because it rested on misrepresentation of foundational jurisdictional facts. The NCLAT found that the creditor had proceeded as if a deed of guarantee and invocation letter were on record, even though the assignment documents showed guarantors as nil and the creditor later admitted that no such documents had been filed. Since proceedings under Section 95 depend on proper foundational materials, the order was held vitiated and void ab initio for misrepresentation, applying the principle that an order obtained by fraud or misstatement cannot stand. Liberty was granted to file a fresh Section 95 application with the relevant documents.
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