https://www.taxtmi.com/caselaws?id=362763 Under the IBC, scrutiny of a section 10 application is confined to the requirements of the Code, the prescribed form, and ineligibility under section 11; unrelated facts, including pending SARFAESI or other recovery steps, do not by themselves justify rejection for suppression or lack of clean hands. The rejection of the application on that basis was therefore unsustainable and was set aside. Penalty under section 65 requires a recorded prima facie finding that the insolvency process was initiated fraudulently or maliciously; absent such a finding, the penalty could not be sustained. The impugned order was set aside and the matter remitted for consideration of admission in accordance with law, with an opportunity to cure defects if any. en-us Thu, 22 Mar 2018 00:00:00 +0530 Tue, 03 Jul 2018 07:23:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362763 Under the IBC, scrutiny of a section 10 application is confined to the requirements of the Code, the prescribed form, and ineligibility under section 11; unrelated facts, including pending SARFAESI or other recovery steps, do not by themselves justify rejection for suppression or lack of clean hands. The rejection of the application on that basis was therefore unsustainable and was set aside. Penalty under section 65 requires a recorded prima facie finding that the insolvency process was initiated fraudulently or maliciously; absent such a finding, the penalty could not be sustained. The impugned order was set aside and the matter remitted for consideration of admission in accordance with law, with an opportunity to cure defects if any. Case-Laws Insolvency and Bankruptcy Thu, 22 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362763