https://www.taxtmi.com/highlights?id=104243 Fraud-classification action cannot rest solely on a forensic audit report that is inconclusive, based on limited lender-provided material, and qualified because complete records were unavailable. Where the borrower is in CIRP and liquidation, the erstwhile management lacks control and relevant books and records may be seized, reinforcing the report's evidentiary limitations. A show cause notice founded on the same report previously treated as inconclusive in relation to the lead bank remains defective despite the borrower filing a reply. The fraud-classification notice, resulting order, and consequential action were set aside, while fresh action on conclusive evidentiary material remains open. en-us Mon, 28 Sep 2026 08:12:22 +0530 Mon, 28 Sep 2026 08:12:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=104243 Fraud-classification action cannot rest solely on a forensic audit report that is inconclusive, based on limited lender-provided material, and qualified because complete records were unavailable. Where the borrower is in CIRP and liquidation, the erstwhile management lacks control and relevant books and records may be seized, reinforcing the report's evidentiary limitations. A show cause notice founded on the same report previously treated as inconclusive in relation to the lead bank remains defective despite the borrower filing a reply. The fraud-classification notice, resulting order, and consequential action were set aside, while fresh action on conclusive evidentiary material remains open. Highlights IBC Mon, 28 Sep 2026 08:12:22 +0530 https://www.taxtmi.com/highlights?id=104243