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...
Disciplinary scrutiny of an interim resolution professional focused on alleged misrepresentation, concealment and reconstitution of the committee of creditors without approval. The tribunal found the IRP was given specific directions and an opportunity to explain discrepancies but did not avail the chances; therefore observations characterising the IRP's conduct as prejudicial to the corporate insolvency resolution process were supported by the record. The request to expunge adverse observations for breach of natural justice was rejected and the appeals were dismissed.
Disciplinary scrutiny of an interim resolution professional focused on alleged misrepresentation, concealment and reconstitution of the committee of creditors without approval. The tribunal found the IRP was given specific directions and an opportunity to explain discrepancies but did not avail the chances; therefore observations characterising the IRP's conduct as prejudicial to the corporate insolvency resolution process were supported by the record. The request to expunge adverse observations for breach of natural justice was rejected and the appeals were dismissed.
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