A decision by judicial or quasi-judicial Authority not informed of reasons provides room for arbitrariness & such decision cannot be supported. In terms of the ingredients of Sec. 40 of the Code, reasons are to be spelt out for rejecting the claims- Indian Oil Corporation Ltd. Vs. Mr. Ashish Arjun Kumar Rathi, Liquidator of SBQ Steels Pvt. Ltd.- NCLAT

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