Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
Goods Transport Agency services via e commerce portals: consignment note creates custody and liability and enables exemption for unregistered recipien...
Clause 4.1 of the 2024 RBI Master Directions and Footnote 14 were held to govern eligibility and independence of an external forensic auditor, and could not be treated as merely prospective because they reflect the requirement that only auditors qualified under relevant statutes conduct such audits. Since the appointed auditor had an admitted continuing consultancy relationship with lender banks, a conflict of interest arose, undermining the bedrock requirement of forensic independence; consequently, the appointment and actions founded on that audit were found prima facie dubitable. Further, the audit report was signed by a non-CA and the firm's CA partners were not registered with ICAI, rendering the appointment untenable, and the gross delay in submission breached RBI timelines, justifying interim protection to prevent grave irreparable harm; the suit was allowed. - HC
Clause 4.1 of the 2024 RBI Master Directions and Footnote 14 were held to govern eligibility and independence of an external forensic auditor, and could not be treated as merely prospective because they reflect the requirement that only auditors qualified under relevant statutes conduct such audits. Since the appointed auditor had an admitted continuing consultancy relationship with lender banks, a conflict of interest arose, undermining the bedrock requirement of forensic independence; consequently, the appointment and actions founded on that audit were found prima facie dubitable. Further, the audit report was signed by a non-CA and the firm's CA partners were not registered with ICAI, rendering the appointment untenable, and the gross delay in submission breached RBI timelines, justifying interim protection to prevent grave irreparable harm; the suit was allowed. - HC
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