Fraudulent management during pre-pack insolvency can attract penalties imposed by the adjudicating authority upon resolution professional application. Section 67A empowers the Adjudicating Authority, on application by the resolution professional, to impose a monetary penalty on any officer of the corporate debtor who, on and after the pre-packaged insolvency commencement date, manages the debtor's affairs with intent to defraud creditors or for any fraudulent purpose, with the penalty specified within a statutory range.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Fraudulent management during pre-pack insolvency can attract penalties imposed by the adjudicating authority upon resolution professional application.
Section 67A empowers the Adjudicating Authority, on application by the resolution professional, to impose a monetary penalty on any officer of the corporate debtor who, on and after the pre-packaged insolvency commencement date, manages the debtor's affairs with intent to defraud creditors or for any fraudulent purpose, with the penalty specified within a statutory range.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
