Condonation of Delay: directoral disputes and pending company proceedings can constitute reasonable cause, allowing a belated return to be treated as ...
Revisionary jurisdiction under section 263 upheld; faceless assessments subject to revision when AO fails requisite enquiries, remitted for fresh asse...
Limited scope of processing under section 143(1): enhancement without show cause is unsustainable; remand for residency, taxation and TDS verification...
NCLAT held that a Section 65 challenge requires pleadings and material showing fraudulent or malicious initiation of CIRP, and that a grievance over non-issuance of NOC, without more, does not meet that threshold. The homebuyers' complaint was confined to prejudice in obtaining possession and conveyance, but the Tribunal found no cogent material indicating that the Section 7 process was filed for a purpose other than insolvency resolution. As the NOC issue arose after default, it could not invalidate or obstruct the insolvency proceedings. The rejection of the Section 65 application was therefore affirmed and the appeal dismissed.
NCLAT held that a Section 65 challenge requires pleadings and material showing fraudulent or malicious initiation of CIRP, and that a grievance over non-issuance of NOC, without more, does not meet that threshold. The homebuyers' complaint was confined to prejudice in obtaining possession and conveyance, but the Tribunal found no cogent material indicating that the Section 7 process was filed for a purpose other than insolvency resolution. As the NOC issue arose after default, it could not invalidate or obstruct the insolvency proceedings. The rejection of the Section 65 application was therefore affirmed and the appeal dismissed.
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