Revisability of return invalidation communications under tax procedure affirmed, impugned non revisional finding quashed and matter remitted for fresh...
Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
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Adjudicating Authority correctly limited its inquiry to whether default had occurred and found the corporate debtor liable for repayment, thereby admitting the insolvency petition. The tribunal held that persistent refusal to permit stock and book audit and failure to cooperate with creditor-led restructuring efforts demonstrated deliberate non-cooperation; belated consent after takeover by the resolution professional did not excuse prior obstruction, and could not defeat admission. Because the authority considered the material particulars of debt, default date, and conduct relevant to restructuring, initiation of the corporate insolvency resolution process was affirmed and the appeal dismissed.
Adjudicating Authority correctly limited its inquiry to whether default had occurred and found the corporate debtor liable for repayment, thereby admitting the insolvency petition. The tribunal held that persistent refusal to permit stock and book audit and failure to cooperate with creditor-led restructuring efforts demonstrated deliberate non-cooperation; belated consent after takeover by the resolution professional did not excuse prior obstruction, and could not defeat admission. Because the authority considered the material particulars of debt, default date, and conduct relevant to restructuring, initiation of the corporate insolvency resolution process was affirmed and the appeal dismissed.
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