Inventory write-off and fraudulent/wrongful trading allegations in corporate insolvency led to director liability principles applied and appeal dismis...
Challenge concerns intimation under Rule 142(1A) and Rule 142(2A) regarding liability for sale of mineral rough stone and gravel. The HC found the writ petition not maintainable because the petitioner filed a representation and participated in the proceedings; consequence: petition dismissed. Separately, the court required that any coercive action be preceded by consideration of the petitioners representation, an opportunity of hearing, and issuance of a reasoned order; consequence: respondent directed to consider the reply dated 12.12.2025 on merits, afford hearing, and pass a reasoned order before taking coercive steps.
Challenge concerns intimation under Rule 142(1A) and Rule 142(2A) regarding liability for sale of mineral rough stone and gravel. The HC found the writ petition not maintainable because the petitioner filed a representation and participated in the proceedings; consequence: petition dismissed. Separately, the court required that any coercive action be preceded by consideration of the petitioners representation, an opportunity of hearing, and issuance of a reasoned order; consequence: respondent directed to consider the reply dated 12.12.2025 on merits, afford hearing, and pass a reasoned order before taking coercive steps.
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