https://www.taxtmi.com/caselaws?id=393711 A Calcutta HC decision is noted on the scope of review of a wilful defaulter declaration after a later corporate resolution. The Court held that the Review Committee could not reopen the earlier merits because that declaration had already attained finality, and its enquiry was confined to the effect of the subsequent resolution. It also held that where promoters' or directors' tag was purely derivative of the company's default, the wilful defaulter status could not survive once the company's liabilities were resolved through the insolvency process. The writ petitions succeeded and the consequential relief followed. en-us Wed, 18 Mar 2020 00:00:00 +0530 Sat, 21 Mar 2020 11:50:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393711 A Calcutta HC decision is noted on the scope of review of a wilful defaulter declaration after a later corporate resolution. The Court held that the Review Committee could not reopen the earlier merits because that declaration had already attained finality, and its enquiry was confined to the effect of the subsequent resolution. It also held that where promoters' or directors' tag was purely derivative of the company's default, the wilful defaulter status could not survive once the company's liabilities were resolved through the insolvency process. The writ petitions succeeded and the consequential relief followed. Case-Laws Insolvency and Bankruptcy Wed, 18 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393711