Misdeclaration of quantity rejected where supplier evidence established counting errors, so reassessment, confiscation and redemption fine were set as...
Admissibility of electronic evidence controls valuation and penalty exposure; non compliant e records and statements nullify revaluation and penalties...
Section 7 of the Insolvency and Bankruptcy Code requires the existence of a financial debt and default, but the Supreme Court held that insolvency cannot be used as a coercive recovery tool. Reading the quadripartite agreement, the Court found that the disbursement was made to the builder and was tied to construction, transfer, refund contingencies, non-transfer without consent, and security creation, making the dispute predominantly contractual rather than a simple lending default. As recovery proceedings were already pending before the DRT, initiation of CIRP was unwarranted and the refusal to admit the Section 7 application was upheld.
Section 7 of the Insolvency and Bankruptcy Code requires the existence of a financial debt and default, but the Supreme Court held that insolvency cannot be used as a coercive recovery tool. Reading the quadripartite agreement, the Court found that the disbursement was made to the builder and was tied to construction, transfer, refund contingencies, non-transfer without consent, and security creation, making the dispute predominantly contractual rather than a simple lending default. As recovery proceedings were already pending before the DRT, initiation of CIRP was unwarranted and the refusal to admit the Section 7 application was upheld.
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