Condonation of refiling delay refused where repeated defects, lack of diligence and vague explanations defeated the appeal against resolution plan app...
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The SC affirmed the NCLAT's decision, dismissing the appeal concerning alleged fraudulent transactions under Section 66 of the IBC, 2016. The appellant contended that the impugned transactions were normal commercial dealings aimed at alleviating financial distress. However, the tribunal found no evidence of malafide intention or wilful misconduct by the corporate debtor. The SC held that the transactions did not warrant interference, upholding the lower authority's conclusion that the appellant's contention lacked merit. Consequently, the appeal was dismissed, confirming the validity of the impugned orders.
The SC affirmed the NCLAT's decision, dismissing the appeal concerning alleged fraudulent transactions under Section 66 of the IBC, 2016. The appellant contended that the impugned transactions were normal commercial dealings aimed at alleviating financial distress. However, the tribunal found no evidence of malafide intention or wilful misconduct by the corporate debtor. The SC held that the transactions did not warrant interference, upholding the lower authority's conclusion that the appellant's contention lacked merit. Consequently, the appeal was dismissed, confirming the validity of the impugned orders.
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