Statutory transfer formalities invalidated alleged share and property transfers, while retrospective record manipulation constituted oppression and mi...
Provisional attachment of laundered funds and equivalent-value property sustained, with statutory protection limited to pension, gratuity and providen...
Insolvency moratorium does not shield company officers from cheque dishonour prosecution for liability arising before corporate insolvency proceedings...
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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