https://www.taxtmi.com/caselaws?id=344468 A corporate debtor seeking CIRP under Section 10 of the Insolvency and Bankruptcy Code must make full and frank disclosure of financial and operational creditors, debts, defaults, assets and encumbrances. Here, material facts concerning secured properties and pending litigation were not candidly disclosed, so admission was refused. The filing was also treated as an abuse of process because the record suggested it was used to obstruct secured creditors from realising security rather than to pursue bona fide insolvency resolution. On that basis, the tribunal found Section 65 penalty justified for a fraudulent or malicious invocation of the insolvency process. en-us Mon, 08 May 2017 00:00:00 +0530 Wed, 03 Jan 2018 12:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344468 A corporate debtor seeking CIRP under Section 10 of the Insolvency and Bankruptcy Code must make full and frank disclosure of financial and operational creditors, debts, defaults, assets and encumbrances. Here, material facts concerning secured properties and pending litigation were not candidly disclosed, so admission was refused. The filing was also treated as an abuse of process because the record suggested it was used to obstruct secured creditors from realising security rather than to pursue bona fide insolvency resolution. On that basis, the tribunal found Section 65 penalty justified for a fraudulent or malicious invocation of the insolvency process. Case-Laws Insolvency and Bankruptcy Mon, 08 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344468