Business upkeep expenses despite no revenue, director's interest-free advances, and property gift additions-disallowances and notional interest delete...
Insolvency resolution plan's loan assignment between approving and dissenting creditors: post-approval redistribution blocked; original distribution e...
The note addresses whether Section 8(1) requires recording and service of written reasons to believe when issuing a show-cause notice and the independence of the Adjudicating Authority's satisfaction. It concludes Section 8(1) does not mandate written reasons or their service, distinguishing Section 5(1) which expressly requires recorded reasons at provisional attachment; making reasons available on the record sufficed. The Adjudicating Authority must form its own reason to believe, but no failure of independent satisfaction was shown. Appeals based on non provision of reasons and on untimely production of documents therefore fail for lack of prejudice and admissible pleadings.
The note addresses whether Section 8(1) requires recording and service of written reasons to believe when issuing a show-cause notice and the independence of the Adjudicating Authority's satisfaction. It concludes Section 8(1) does not mandate written reasons or their service, distinguishing Section 5(1) which expressly requires recorded reasons at provisional attachment; making reasons available on the record sufficed. The Adjudicating Authority must form its own reason to believe, but no failure of independent satisfaction was shown. Appeals based on non provision of reasons and on untimely production of documents therefore fail for lack of prejudice and admissible pleadings.
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