Depreciation and routine compliance expenses disallowance did not prove inaccurate particulars or misreporting; penalty sustained only on foreign trav...
Misuse of the insolvency moratorium to frustrate SARFAESI enforcement was condemned; the court found chronic delay, collateral insolvency filings and repeated OTS proposals constituted tactical abuse, waiver and equitable estoppel that prejudiced the secured creditor and auction purchasers, and that sales and registered sale certificates crystallised purchaser rights before any moratorium. The secured asset was therefore excluded from the moratorium and the DRT's interim restraint was a jurisdictional error. The writ court permitted the secured creditor to proceed with completion and directed the DRT to complete pleadings and decide the securitisation application expeditiously.
Misuse of the insolvency moratorium to frustrate SARFAESI enforcement was condemned; the court found chronic delay, collateral insolvency filings and repeated OTS proposals constituted tactical abuse, waiver and equitable estoppel that prejudiced the secured creditor and auction purchasers, and that sales and registered sale certificates crystallised purchaser rights before any moratorium. The secured asset was therefore excluded from the moratorium and the DRT's interim restraint was a jurisdictional error. The writ court permitted the secured creditor to proceed with completion and directed the DRT to complete pleadings and decide the securitisation application expeditiously.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
