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...
An alleged oral family settlement and bid dated 04.02.2008 failed to effect a lawful transfer of management because the buy-out terms were not performed: full consideration was not proved paid, share transfer deeds were not produced, and parties admitted only partial payments, so the asserted resignations and change of control could not be sustained. Immediate forensic examination of disputed documents was declined, but the Administrator is permitted to approach the adjudicating tribunal (NCLT) later to seek forensic examination if a concrete dispute over produced receipts or documents arises. Appointment of the administrator and attendant directions remain in force.
An alleged oral family settlement and bid dated 04.02.2008 failed to effect a lawful transfer of management because the buy-out terms were not performed: full consideration was not proved paid, share transfer deeds were not produced, and parties admitted only partial payments, so the asserted resignations and change of control could not be sustained. Immediate forensic examination of disputed documents was declined, but the Administrator is permitted to approach the adjudicating tribunal (NCLT) later to seek forensic examination if a concrete dispute over produced receipts or documents arises. Appointment of the administrator and attendant directions remain in force.
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