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NCLAT dismissed the company appeal, affirming NCLT's order under Section 66 IBC holding the appellants liable for fraudulent transactions of the corporate debtor. The Tribunal upheld findings regarding sale of a car, large cash withdrawals without supporting vouchers, opening of new bank accounts and diversion of receipts, as well as acts of removing files and attempting to break open the office lock, as indicative of fraudulent intent. NCLAT refused to admit additional documents produced for the first time in appeal, holding they did not satisfy Order 41 Rule 27 CPC requirements. It rejected the appellants' plea of denial of opportunity and sustained the direction to make them pay the determined amounts.
NCLAT dismissed the company appeal, affirming NCLT's order under Section 66 IBC holding the appellants liable for fraudulent transactions of the corporate debtor. The Tribunal upheld findings regarding sale of a car, large cash withdrawals without supporting vouchers, opening of new bank accounts and diversion of receipts, as well as acts of removing files and attempting to break open the office lock, as indicative of fraudulent intent. NCLAT refused to admit additional documents produced for the first time in appeal, holding they did not satisfy Order 41 Rule 27 CPC requirements. It rejected the appellants' plea of denial of opportunity and sustained the direction to make them pay the determined amounts.
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