Validity of faceless assessment procedure challenged for jurisdictional AO intervention mid-remand, resulting in quashing of assessment for procedural...
Inventory write-off and fraudulent/wrongful trading allegations in corporate insolvency led to director liability principles applied and appeal dismis...
Interim moratorium under the IBC was held to commence by operation of law once the Section 95 petition was registered, and not to depend on prior intimation to the secured creditor. The DRT therefore erred in refusing relief merely because the bank had not been notified on the correct email address, and its orders were set aside. The Court also found procedural irregularities in NCLT scrutiny and refiling, but held that those errors did not displace the moratorium already triggered on registration. Questions of alleged connivance and the moratorium's effect on the bank and auction purchasers were left open for the NCLT, while the Registry was directed to follow the prescribed scrutiny procedure strictly.
Interim moratorium under the IBC was held to commence by operation of law once the Section 95 petition was registered, and not to depend on prior intimation to the secured creditor. The DRT therefore erred in refusing relief merely because the bank had not been notified on the correct email address, and its orders were set aside. The Court also found procedural irregularities in NCLT scrutiny and refiling, but held that those errors did not displace the moratorium already triggered on registration. Questions of alleged connivance and the moratorium's effect on the bank and auction purchasers were left open for the NCLT, while the Registry was directed to follow the prescribed scrutiny procedure strictly.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
