Fraudulent or malicious initiation of proceedings [ Section 65  ]

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... lvency resolution process or liquidation proceedings fraudulently or with malicious intent for any purpose other than for the resolution of insolvency, or liquidation, as the case may be, the adjudicating authority may impose upon such person a penalty which shall not be less than one lakh rupees, but may extend to one crore rupees. Penalty to defraud any person [ Section 65(2) of the .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... onotrone Leasing Pvt. Ltd. Vs. PM Cold Storage Pvt. Ltd. 2020 (8) TMI 386 - NCLAT Dated 16.07.2020 Though section 65 provides for penal action against initiating CIRP with a fraudulent or malicious intent, the same cannot be construed to mean that if an application is filed under section 7, 9 or 10 of the Code without any malicious or fraudulent intent, then also such a petition can be .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... r section 65 has not given nor served any notice to the corporate applicant recording its prima facie view and intent to punish the corporate applicant, therefore, the impugned order of AA cannot be upheld as being passed in violation of rules of natural justice. Amit Katyal Vs. Meera Ahuja Ors. 2020 (11) TMI 356 - NCLAT Dated 09.11.2020 i. In case an allottee does not want t .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X