https://www.taxtmi.com/caselaws?id=451210 A show-cause notice commencing wilful defaulter proceedings is not barred by pending insolvency proceedings or an interim NPA-related restraint order, because such proceedings are distinct from recovery or enforcement action and are not hit by the moratorium under Section 96 of the Insolvency and Bankruptcy Code. The notice is also not invalid merely because it refers to guarantors' assets or leaves the detailed examination of wilful default to the review process. Fairness, however, requires disclosure of the forensic audit report and other materials actually relied upon, with corresponding enlargement of time to reply. en-us Wed, 20 Mar 2024 00:00:00 +0530 Fri, 22 Mar 2024 07:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=451210 A show-cause notice commencing wilful defaulter proceedings is not barred by pending insolvency proceedings or an interim NPA-related restraint order, because such proceedings are distinct from recovery or enforcement action and are not hit by the moratorium under Section 96 of the Insolvency and Bankruptcy Code. The notice is also not invalid merely because it refers to guarantors' assets or leaves the detailed examination of wilful default to the review process. Fairness, however, requires disclosure of the forensic audit report and other materials actually relied upon, with corresponding enlargement of time to reply. Case-Laws Companies Law Wed, 20 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=451210