Fraudulent management in pre-pack insolvency permits adjudicating authority to impose penalties on officers after a resolution professional's application. Section 67A creates a penal remedy for officers who, after the pre-packaged insolvency commencement date, manage the corporate debtor with intent to defraud creditors or for fraudulent purposes; following an application by the resolution professional, the Adjudicating Authority may impose a monetary penalty on such officers within a prescribed minimum and maximum range to protect creditor interests during the pre-pack process.
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 in pre-pack insolvency permits adjudicating authority to impose penalties on officers after a resolution professional's application.
Section 67A creates a penal remedy for officers who, after the pre-packaged insolvency commencement date, manage the corporate debtor with intent to defraud creditors or for fraudulent purposes; following an application by the resolution professional, the Adjudicating Authority may impose a monetary penalty on such officers within a prescribed minimum and maximum range to protect creditor interests during the pre-pack process.
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