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...
A purposive, see-through construction of Section 29A was applied to assess resolution applicant eligibility, focusing on de facto control, cross-shareholdings, post-resolution asset transfers and retained promoter involvement; on that legal basis the applicant was held disqualified under clause (c) and, on the facts and purposive assessment, clause (j), rendering it ineligible. The Tribunal found deficiencies in CoC/RP material and reasoning and identified a duty on the RP under Regulation 36A to verify eligibility. The Tribunal declined to recall its earlier direction to resume the CIRP from issuance of a fresh Form G and directed continuation while IBBI conducts an independent inquiry into procedural and disclosure issues.
A purposive, see-through construction of Section 29A was applied to assess resolution applicant eligibility, focusing on de facto control, cross-shareholdings, post-resolution asset transfers and retained promoter involvement; on that legal basis the applicant was held disqualified under clause (c) and, on the facts and purposive assessment, clause (j), rendering it ineligible. The Tribunal found deficiencies in CoC/RP material and reasoning and identified a duty on the RP under Regulation 36A to verify eligibility. The Tribunal declined to recall its earlier direction to resume the CIRP from issuance of a fresh Form G and directed continuation while IBBI conducts an independent inquiry into procedural and disclosure issues.
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