Retrospective cancellation of charitable registration under section 12AB(4) was unsustainable; related-party benefit allegations did not prove nongenu...
Merger control notice and disclosure rules: Supreme Court limits penalties, rejects reopening of approved combination, and sets aside adverse findings...
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Section 7 insolvency adjudication is confined to determining the existence of financial debt, default and completeness of the application. A proposed compromise scheme, settlement discussions or anticipated commercial hardship do not require deferral of admission unless the proposal has become legally binding or otherwise displaces the default. A pending counterclaim in separate recovery proceedings, without a determination favouring the corporate debtor, does not negate established debt and default. Natural justice requires a fair and reasonable opportunity to present the case, but does not entitle a participating party to unlimited adjournments after repeated opportunities. CIRP remains a resolution process rather than liquidation.
Section 7 insolvency adjudication is confined to determining the existence of financial debt, default and completeness of the application. A proposed compromise scheme, settlement discussions or anticipated commercial hardship do not require deferral of admission unless the proposal has become legally binding or otherwise displaces the default. A pending counterclaim in separate recovery proceedings, without a determination favouring the corporate debtor, does not negate established debt and default. Natural justice requires a fair and reasonable opportunity to present the case, but does not entitle a participating party to unlimited adjournments after repeated opportunities. CIRP remains a resolution process rather than liquidation.
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