ttv dinakaran case ARL sundaresan asg. அனல்பறக்கும் பரபரப்பு வாதம்

[9/4, 17:34] sekarreporter1: The amount of Rs 31 crores adjudicated by the Adjudicating authority under FERA modified by the Appellate Tribunal as Rs 28 crores is a civil liability though it is called a penalty under the Act. Prosecution and fine for the offence is under Sec 56 of the Act. But adjudication is under Sec 51. So it is not a fine. All the authorities excercise a power of the Civil Court while conducting the adjudication proceedings. Hence it is a DEBT as per the insolvency laws.
[9/4, 17:34] sekarreporter1: The order has become final after dismissing of the CMA in the High Court and SLP in the Supreme Court. Even thereafter Mr TTV D has not paid even a penny. Hence he is a defaulter and the notice of insolvency is valid.
[9/4, 17:35] sekarreporter1: TTV D has also filed a writ petition challenging the recovery under Revenue Recovery Act and got stay without even impleading ED as a party. That shows the dishonest intention of TTV D
[9/4, 17:35] sekarreporter1: Adjudication order under FEMA will be an order for payment of money. Hence it is a debt : if it is not paid in spite of demand notice it is an act of insolvency. Hence the steps taken by ED under insolvency Act to declare TTVD as insolvent is well within law.