Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
Pre-existing disputes and timing of default were decisive: contemporaneous communications and invoices showed plausible disputes on invoices, taxes and reconciliations requiring investigation, and applying the Mobilox and Sabarmati plausibility standard the insolvency petition was not maintainable on that ground. Separately, the contract stipulated default accrual only after a 365-day period from amount becoming due, making the demand notice prima facie premature as no default had occurred on the notice date. The adjudicating authority's rejection of the petition was therefore upheld.
Pre-existing disputes and timing of default were decisive: contemporaneous communications and invoices showed plausible disputes on invoices, taxes and reconciliations requiring investigation, and applying the Mobilox and Sabarmati plausibility standard the insolvency petition was not maintainable on that ground. Separately, the contract stipulated default accrual only after a 365-day period from amount becoming due, making the demand notice prima facie premature as no default had occurred on the notice date. The adjudicating authority's rejection of the petition was therefore upheld.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4811 
Join Channel 
