Inventory write-off and fraudulent/wrongful trading allegations in corporate insolvency led to director liability principles applied and appeal dismis...
Condonation of delay in filing GSTR-3B returns and entitlement to Section 62 benefit results in withdrawal of assessments and revocation of attachment...
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.
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