Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Section 19 of the Insolvency and Bankruptcy Code permits coercive assistance only from the corporate debtor's personnel, promoters, or other persons associated with management, and only where the information sought is shown to be necessary for CIRP purposes and within the recipient's possession. A former statutory auditor, being an independent professional and not ordinarily part of management, could not be compelled on that basis to furnish documents, continue audit work, or issue a no-objection resignation. The directions were also unsustainable because the tribunal had not verified possession of the documents, and the insolvency process had already progressed to approval of a resolution plan and later liquidation, making continued insistence on the information futile. The order was set aside.
Section 19 of the Insolvency and Bankruptcy Code permits coercive assistance only from the corporate debtor's personnel, promoters, or other persons associated with management, and only where the information sought is shown to be necessary for CIRP purposes and within the recipient's possession. A former statutory auditor, being an independent professional and not ordinarily part of management, could not be compelled on that basis to furnish documents, continue audit work, or issue a no-objection resignation. The directions were also unsustainable because the tribunal had not verified possession of the documents, and the insolvency process had already progressed to approval of a resolution plan and later liquidation, making continued insistence on the information futile. The order was set aside.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4809 
Join Channel 
