Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
Declaration of Wilful Defaulter of the petitioner - Liability of Directors - The High Court dismissed the petitioner's arguments regarding the mechanical repetition of decisions by the Review Committee, finding that the RC provided independent findings. - Regarding the defense against wilful default due to the CIRP, the Court held that an OTS does not absolve wilful default, especially if part of the loan is written off. - The Court noted evidence from the borrower-Company's balance sheets suggesting diversion of funds and disposal of assets, supporting the bank's allegations of wilful default. - Directors were held responsible for wilful default, irrespective of ongoing CIRP proceedings or OTS agreements. - The High Court dismissed the writ petition challenging the declaration of wilful defaulter status against the petitioner.
Declaration of Wilful Defaulter of the petitioner - Liability of Directors - The High Court dismissed the petitioner's arguments regarding the mechanical repetition of decisions by the Review Committee, finding that the RC provided independent findings. - Regarding the defense against wilful default due to the CIRP, the Court held that an OTS does not absolve wilful default, especially if part of the loan is written off. - The Court noted evidence from the borrower-Company's balance sheets suggesting diversion of funds and disposal of assets, supporting the bank's allegations of wilful default. - Directors were held responsible for wilful default, irrespective of ongoing CIRP proceedings or OTS agreements. - The High Court dismissed the writ petition challenging the declaration of wilful defaulter status against the petitioner.
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