Palmolein classification defeated the crude-oil concession; material misdeclaration sustained recovery and confiscation, while separate false-document...
Creditor insolvency petitions require proof that the debtor committed a statutory act of insolvency within the prescribed period; the conditions are conjunctive. An attempted or agreed transfer of property, without an actual transfer, does not fall within the statutory definition. Non-repayment of debt may support a money claim but does not independently constitute an act of insolvency. Because no qualifying statutory act was established, the High Court set aside the insolvency adjudication and all consequential directions, while preserving creditors' ability to pursue other remedies in law.
Creditor insolvency petitions require proof that the debtor committed a statutory act of insolvency within the prescribed period; the conditions are conjunctive. An attempted or agreed transfer of property, without an actual transfer, does not fall within the statutory definition. Non-repayment of debt may support a money claim but does not independently constitute an act of insolvency. Because no qualifying statutory act was established, the High Court set aside the insolvency adjudication and all consequential directions, while preserving creditors' ability to pursue other remedies in law.
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TaxTMI 
TaxTMI 
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