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...
Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
The text addresses preferential transactions under insolvency law, emphasizing reliance on a transaction auditor report to identify transfers to related parties and direct restitution under the Code. The Tribunal accepted the transaction auditors methodology and rejected appellants objections as insufficient; consequence: sums received via preferential transactions were ordered repayable. The burden shifted to suspended directors to prove transactions occurred in the ordinary course of business, which they failed to discharge, resulting in upholding of adjudicating authoritys directions. The legal representative status of a deceased proprietor triggered successor liability to the extent of benefits received from the impugned transactions, and the appeal was dismissed.
The text addresses preferential transactions under insolvency law, emphasizing reliance on a transaction auditor report to identify transfers to related parties and direct restitution under the Code. The Tribunal accepted the transaction auditors methodology and rejected appellants objections as insufficient; consequence: sums received via preferential transactions were ordered repayable. The burden shifted to suspended directors to prove transactions occurred in the ordinary course of business, which they failed to discharge, resulting in upholding of adjudicating authoritys directions. The legal representative status of a deceased proprietor triggered successor liability to the extent of benefits received from the impugned transactions, and the appeal was dismissed.
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