Section 10A and related deductions: Tribunal rejects separate-undertaking claim, but allows loss set-off, ESOP cost and foreign tax credit in principl...
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Foundational loan documents seriously disputed as forged or fabricated can take a Section 7 insolvency petition beyond summary admission, especially where multiple versions of the facility agreement, inconsistent dates and signatures, and board resolutions not matching company records create a genuine fraud inquiry. The tribunal treated the alleged disbursal into an unauthorised account as relevant to whether a binding financial debt and default were established, and held that the doctrine of indoor management was unavailable where the transaction circumstances showed suspicion of irregularity. On that basis, dismissal of the petition was upheld.
Foundational loan documents seriously disputed as forged or fabricated can take a Section 7 insolvency petition beyond summary admission, especially where multiple versions of the facility agreement, inconsistent dates and signatures, and board resolutions not matching company records create a genuine fraud inquiry. The tribunal treated the alleged disbursal into an unauthorised account as relevant to whether a binding financial debt and default were established, and held that the doctrine of indoor management was unavailable where the transaction circumstances showed suspicion of irregularity. On that basis, dismissal of the petition was upheld.
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