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...
Whether a financial debt existed and default occurred: the tribunal held that audit reports, balance sheets and correspondence prima facie established a claim and default; quantification is for later stages, so CIRP commencement was maintainable - outcome: petition upheld and CIRP sustained. Whether allegations of fraud vitiated the documents: fraud must be proved by evidence and the appellant failed to lead any such proof; mere allegation insufficient - outcome: fraud plea rejected. Whether a rejoinder and its public documents could be considered: pleadings including rejoinder are admissible and public documents may be read in evidence without prior permission - outcome: rejoinder and attached documents admitted. - NCLAT
Whether a financial debt existed and default occurred: the tribunal held that audit reports, balance sheets and correspondence prima facie established a claim and default; quantification is for later stages, so CIRP commencement was maintainable - outcome: petition upheld and CIRP sustained. Whether allegations of fraud vitiated the documents: fraud must be proved by evidence and the appellant failed to lead any such proof; mere allegation insufficient - outcome: fraud plea rejected. Whether a rejoinder and its public documents could be considered: pleadings including rejoinder are admissible and public documents may be read in evidence without prior permission - outcome: rejoinder and attached documents admitted. - NCLAT
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