Inventory write-off and fraudulent/wrongful trading allegations in corporate insolvency led to director liability principles applied and appeal dismis...
Condonation of delay in filing GSTR-3B returns and entitlement to Section 62 benefit results in withdrawal of assessments and revocation of attachment...
The Tribunal excused a 14 day delay because the financial creditor showed sufficient cause-internal referral and head office approval-so the appeal was admitted. On the central issue of costs imposed when the corporate debtor withdrew under the insolvency withdrawal procedure, the Tribunal found no recorded reason for penalising financial creditors who negotiated settlements and facilitated withdrawal; noting other creditors had not objected, it held the Adjudicating Authority could have adopted alternative measures if withdrawal was improper. Consequently, the direction to impose costs on each financial creditor was set aside.
The Tribunal excused a 14 day delay because the financial creditor showed sufficient cause-internal referral and head office approval-so the appeal was admitted. On the central issue of costs imposed when the corporate debtor withdrew under the insolvency withdrawal procedure, the Tribunal found no recorded reason for penalising financial creditors who negotiated settlements and facilitated withdrawal; noting other creditors had not objected, it held the Adjudicating Authority could have adopted alternative measures if withdrawal was improper. Consequently, the direction to impose costs on each financial creditor was set aside.
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