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...
Forensic audit reports commissioned by suspended management lack admissibility where they are unsigned, uncertified, draft-form, bear disclaimers, or are produced by an interested party; such reports raise conflict-of-interest and confidentiality concerns and may be excluded from record. There is no entitlement under the insolvency code for suspended management to unilaterally commission and seek formal judicial acceptance of a forensic/transaction audit where CIRP initiation fraud is not alleged; applications presented on that basis are not maintainable. A resolution professional must form and record his opinion before filing avoidance applications, and where such opinion is recorded and objections can be filed, challenges fail.
Forensic audit reports commissioned by suspended management lack admissibility where they are unsigned, uncertified, draft-form, bear disclaimers, or are produced by an interested party; such reports raise conflict-of-interest and confidentiality concerns and may be excluded from record. There is no entitlement under the insolvency code for suspended management to unilaterally commission and seek formal judicial acceptance of a forensic/transaction audit where CIRP initiation fraud is not alleged; applications presented on that basis are not maintainable. A resolution professional must form and record his opinion before filing avoidance applications, and where such opinion is recorded and objections can be filed, challenges fail.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4821 
Join Channel 
