https://www.taxtmi.com/caselaws?id=767005 A Section 7 insolvency request may attract Section 65 where the surrounding circumstances show a fraudulent or malicious filing, including where common directors controlled both entities and the petition appeared aimed at obstructing recovery. The Tribunal also treated the underlying transfers as equity or control-acquisition transactions, not disbursements made against the time value of money, so no financial debt was proved. In the absence of a valid recall notice or reliable evidence of default, admission under Section 7 was not justified. Because the proceeding was found to be maliciously initiated, the penalty under Section 65 was sustained. en-us Wed, 05 Mar 2025 00:00:00 +0530 Sat, 08 Mar 2025 08:32:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767005 A Section 7 insolvency request may attract Section 65 where the surrounding circumstances show a fraudulent or malicious filing, including where common directors controlled both entities and the petition appeared aimed at obstructing recovery. The Tribunal also treated the underlying transfers as equity or control-acquisition transactions, not disbursements made against the time value of money, so no financial debt was proved. In the absence of a valid recall notice or reliable evidence of default, admission under Section 7 was not justified. Because the proceeding was found to be maliciously initiated, the penalty under Section 65 was sustained. Case-Laws IBC Wed, 05 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767005