Imported seaweed extract provisionally released on bond only; declaratory rejection set aside; appellate decision due within section 128-A(4-A) three ...
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NCLAT upheld the NCLT's order directing Appellants to jointly and severally refund Rs. 91,00,000 to the corporate debtor. It held that cheques dated prior to commencement of CIRP but encashed during the moratorium, when no sufficient funds existed on the date of issuance and amounts were realized from post-moratorium credits, violated Section 14 IBC. The doctrine of relation back was rejected, as the cheques were issued in anticipation of future funds and not in the ordinary course of business, especially when a Section 7 petition stood reserved for orders. Allegations of a pre-existing internal understanding and of violation of principles of natural justice were disbelieved. The appeal was dismissed.
NCLAT upheld the NCLT's order directing Appellants to jointly and severally refund Rs. 91,00,000 to the corporate debtor. It held that cheques dated prior to commencement of CIRP but encashed during the moratorium, when no sufficient funds existed on the date of issuance and amounts were realized from post-moratorium credits, violated Section 14 IBC. The doctrine of relation back was rejected, as the cheques were issued in anticipation of future funds and not in the ordinary course of business, especially when a Section 7 petition stood reserved for orders. Allegations of a pre-existing internal understanding and of violation of principles of natural justice were disbelieved. The appeal was dismissed.
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