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...
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Tribunal examined allegations of fraudulent transactions u/s 66 of Insolvency and Bankruptcy Code against corporate debtor. Conversion of share application money to unsecured loan, conspicuous investments into related parties, and unaccounted rental income were scrutinized. Tribunal held fraud must be established beyond reasonable doubt, mere suspicion insufficient. Conversion of share money to debt not fraudulent. Investments in related parties explained, not prejudicial, complied with Companies Act. Cash withdrawals for salaries before 2016, not proximate to insolvency. Rental income agreements not proven fraudulent. Resolution Professional failed to establish fraudulent trading case u/s 66. Application dismissed due to lack of evidence of fraud.
Tribunal examined allegations of fraudulent transactions u/s 66 of Insolvency and Bankruptcy Code against corporate debtor. Conversion of share application money to unsecured loan, conspicuous investments into related parties, and unaccounted rental income were scrutinized. Tribunal held fraud must be established beyond reasonable doubt, mere suspicion insufficient. Conversion of share money to debt not fraudulent. Investments in related parties explained, not prejudicial, complied with Companies Act. Cash withdrawals for salaries before 2016, not proximate to insolvency. Rental income agreements not proven fraudulent. Resolution Professional failed to establish fraudulent trading case u/s 66. Application dismissed due to lack of evidence of fraud.
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