Unlawful outward remittances via Hawala using proforma invoices and electronic records proved; documents admitted, directors penalised, penalties redu...
Attachment of equivalent-value properties as proceeds of crime upheld; preventive attachment order and confirmation sustained; no independent ED reinv...
Broker trading-system "technical glitch" redefinition and narrowed incident-reporting regime for large IBT/STWT brokers requiring 2-hr notice and 14-w...
Rs. 13.20 crores disbursed to the corporate debtor was held to constitute 'financial debt' under Section 5(8)(f) of the IBC because the agreement required repayment and a 50% share of project profit as consideration, giving the transaction the commercial effect of a borrowing; outcome: treated as financial debt. The creditor established default when the corporate debtor terminated the agreement and failed to refund the disbursed amounts; outcome: debt became due and default occurred. Pendency of arbitral proceedings did not bar initiation or admission of a CIRP petition where debt and default are otherwise made out; outcome: Section 7 admission affirmed.
Rs. 13.20 crores disbursed to the corporate debtor was held to constitute 'financial debt' under Section 5(8)(f) of the IBC because the agreement required repayment and a 50% share of project profit as consideration, giving the transaction the commercial effect of a borrowing; outcome: treated as financial debt. The creditor established default when the corporate debtor terminated the agreement and failed to refund the disbursed amounts; outcome: debt became due and default occurred. Pendency of arbitral proceedings did not bar initiation or admission of a CIRP petition where debt and default are otherwise made out; outcome: Section 7 admission affirmed.
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