Avoidance transactions and fraudulent trading duties are clarified by requiring applications before the Adjudicating Authority. Section 25 of the principal insolvency law is amended so that the resolution professional's duties include filing an application before the Adjudicating Authority in relation to any avoidance transaction or fraudulent or wrongful trading. The substituted clause expressly links the application process to these specified insolvency-related contraventions and aligns the duty with proceedings before the Adjudicating Authority.
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Provisions expressly mentioned in the judgment/order text.
Avoidance transactions and fraudulent trading duties are clarified by requiring applications before the Adjudicating Authority.
Section 25 of the principal insolvency law is amended so that the resolution professional's duties include filing an application before the Adjudicating Authority in relation to any avoidance transaction or fraudulent or wrongful trading. The substituted clause expressly links the application process to these specified insolvency-related contraventions and aligns the duty with proceedings before the Adjudicating Authority.
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