Power to receive documentary evidence upheld; documents referred in complaint may be placed on record without amendment where omission was inadvertent...
Proof of foreign public documents requires originals or certified diplomatic/notarial copies; inspection must occur in-magna presence and cross-examin...
Prior Sanction Requirement: absence of prescribed approval invalidates reassessment notice; limitation also bars notice if escaped income below thresh...
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The NCLAT held that the insolvency framework empowers a resolution professional to appoint professionals when needed for the CIRP, and no CoC approval is required for appointing a transaction auditor or for filing an avoidance application; those objections were rejected. It also held that preferential transaction proceedings are summary in nature and do not require joinder of transferee entities where the corporate debtor's records suffice; the non-joinder plea therefore failed. On Section 43, the Tribunal found a preferential transfer only where the recipient was a creditor and the payment was within the related-party look-back period without material showing ordinary-course supply. The transfer to K. Sera Sera Digital Cinema Ltd. was upheld as preferential, while the transfer to K. Sera Sera Miniplex Ltd. was set aside.
The NCLAT held that the insolvency framework empowers a resolution professional to appoint professionals when needed for the CIRP, and no CoC approval is required for appointing a transaction auditor or for filing an avoidance application; those objections were rejected. It also held that preferential transaction proceedings are summary in nature and do not require joinder of transferee entities where the corporate debtor's records suffice; the non-joinder plea therefore failed. On Section 43, the Tribunal found a preferential transfer only where the recipient was a creditor and the payment was within the related-party look-back period without material showing ordinary-course supply. The transfer to K. Sera Sera Digital Cinema Ltd. was upheld as preferential, while the transfer to K. Sera Sera Miniplex Ltd. was set aside.
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