Attachment and proclamation of sale of immovable property: limitation treated from financial year end; proclamation held within period, petition dismi...
Second Schedule attachment and validity of a post-notice mortgage: TRO cannot declare mortgage void ab initio; sale and appropriation allowed thereaft...
Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
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Liability of suspended management to contribute to the corporate debtor's assets under Section 66 IBC was upheld on findings of fraudulent/wrongful trading based on unexplained cash withdrawals and related-party payments evidenced from bank statements. The RP's decision to commission a transaction audit was held justified because statutory records and asset possession were withheld, leaving no alternative evidentiary source. Once the RP established prima facie suspect transactions, the burden shifted to the directors to prove they were in the ordinary course of business; failure to produce reliable supporting documentation disentitled them from benefiting from evidentiary gaps created by their own non-cooperation. The appellate challenge to the contribution direction was rejected and the appeal was dismissed. - NCLAT
Liability of suspended management to contribute to the corporate debtor's assets under Section 66 IBC was upheld on findings of fraudulent/wrongful trading based on unexplained cash withdrawals and related-party payments evidenced from bank statements. The RP's decision to commission a transaction audit was held justified because statutory records and asset possession were withheld, leaving no alternative evidentiary source. Once the RP established prima facie suspect transactions, the burden shifted to the directors to prove they were in the ordinary course of business; failure to produce reliable supporting documentation disentitled them from benefiting from evidentiary gaps created by their own non-cooperation. The appellate challenge to the contribution direction was rejected and the appeal was dismissed. - NCLAT
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