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...
Section 7 admission was upheld because debt and default were established and the application was procedurally complete; the Adjudicating Authority was not required to investigate the causes of default or creditors' alleged role in delayed disbursal. Rejection of an OTS proposal did not bar initiation of CIRP, as settlement decisions remained within the creditor's commercial discretion. Omission of a specific date of default was not fatal where defaults were otherwise proved, and Section 10A was not attracted because the relevant defaults pre-dated the moratorium. Pending arbitration and allegations of recovery motive did not prevent insolvency proceedings on these facts.
Section 7 admission was upheld because debt and default were established and the application was procedurally complete; the Adjudicating Authority was not required to investigate the causes of default or creditors' alleged role in delayed disbursal. Rejection of an OTS proposal did not bar initiation of CIRP, as settlement decisions remained within the creditor's commercial discretion. Omission of a specific date of default was not fatal where defaults were otherwise proved, and Section 10A was not attracted because the relevant defaults pre-dated the moratorium. Pending arbitration and allegations of recovery motive did not prevent insolvency proceedings on these facts.
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