Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
A liquidator's later application seeking completion of sale of the corporate debtor as a going concern and wide-ranging reliefs was held not maintainable because an earlier application for similar reliefs had been withdrawn without liberty and had attained finality, attracting constructive res judicata. The Tribunal also held that the successful bidder was bound by the auction terms, which sold the asset on an "as is where is", "as is what is", "whatever there is" and "without recourse" basis. In such a sale, the purchaser bears the burden of due diligence and cannot seek post-sale concessions or shift pre-existing risks through later proceedings, especially while challenges to the auction remain pending. The appeal was dismissed.
A liquidator's later application seeking completion of sale of the corporate debtor as a going concern and wide-ranging reliefs was held not maintainable because an earlier application for similar reliefs had been withdrawn without liberty and had attained finality, attracting constructive res judicata. The Tribunal also held that the successful bidder was bound by the auction terms, which sold the asset on an "as is where is", "as is what is", "whatever there is" and "without recourse" basis. In such a sale, the purchaser bears the burden of due diligence and cannot seek post-sale concessions or shift pre-existing risks through later proceedings, especially while challenges to the auction remain pending. The appeal was dismissed.
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