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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Whether directors were liable to contribute under s.66 IBC for fraudulent/wrongful trading arising from transactions allegedly siphoning value from the corporate debtor. The tribunal held that while a transaction audit report is not conclusive, it is a valuable evidentiary material when founded on audited records, and here the appellants failed to show the impugned transactions were in the ordinary course or supported by commercial justification. Given the timing during pending insolvency, sale of substantial gold inventory on unsecured credit contrary to bullion-market practice, and the apparent intent to keep assets beyond creditors' reach, the transactions were found to be knowingly fraudulent, warranting contribution; the appeal was dismissed - NCLAT
Whether directors were liable to contribute under s.66 IBC for fraudulent/wrongful trading arising from transactions allegedly siphoning value from the corporate debtor. The tribunal held that while a transaction audit report is not conclusive, it is a valuable evidentiary material when founded on audited records, and here the appellants failed to show the impugned transactions were in the ordinary course or supported by commercial justification. Given the timing during pending insolvency, sale of substantial gold inventory on unsecured credit contrary to bullion-market practice, and the apparent intent to keep assets beyond creditors' reach, the transactions were found to be knowingly fraudulent, warranting contribution; the appeal was dismissed - NCLAT
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