Validity of faceless assessment procedure challenged for jurisdictional AO intervention mid-remand, resulting in quashing of assessment for procedural...
Inventory write-off and fraudulent/wrongful trading allegations in corporate insolvency led to director liability principles applied and appeal dismis...
Admission of a Section 7 petition was upheld where financial debt and default were established by undisputed records and acknowledgements, so admission at the summary stage was proper. The adjudicating authority's role at admission is confined to existence of debt and default; Vidarbha-type viability inquiries were not warranted absent concrete contemporaneous evidence extinguishing the debt. A prior dismissal based on a quashed regulatory circular did not attract res judicata to bar the fresh petition under the revised RBI framework. The RBI framework did not prohibit filing and lender resolution choices are commercial; allegations of creditor misconduct were unproven and did not negate debt or default.
Admission of a Section 7 petition was upheld where financial debt and default were established by undisputed records and acknowledgements, so admission at the summary stage was proper. The adjudicating authority's role at admission is confined to existence of debt and default; Vidarbha-type viability inquiries were not warranted absent concrete contemporaneous evidence extinguishing the debt. A prior dismissal based on a quashed regulatory circular did not attract res judicata to bar the fresh petition under the revised RBI framework. The RBI framework did not prohibit filing and lender resolution choices are commercial; allegations of creditor misconduct were unproven and did not negate debt or default.
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