https://www.taxtmi.com/acts?id=31045 The provision empowers the Adjudicating Authority, during corporate insolvency resolution process or liquidation, to require persons knowingly involved in carrying on the corporate debtor's business with intent to defraud creditors or for any fraudulent purpose to contribute to the corporate debtor's assets as deemed fit. It also permits contribution orders against a director or partner who knew or ought to have known that insolvency could not be avoided and failed to exercise due diligence to minimise creditor loss, subject to the specified suspension bar on applications. en-us Tue, 02 Jan 2018 14:53:10 +0530 Tue, 26 May 2026 12:06:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=31045 The provision empowers the Adjudicating Authority, during corporate insolvency resolution process or liquidation, to require persons knowingly involved in carrying on the corporate debtor's business with intent to defraud creditors or for any fraudulent purpose to contribute to the corporate debtor's assets as deemed fit. It also permits contribution orders against a director or partner who knew or ought to have known that insolvency could not be avoided and failed to exercise due diligence to minimise creditor loss, subject to the specified suspension bar on applications. Act-Rules IBC Tue, 02 Jan 2018 14:53:10 +0530 https://www.taxtmi.com/acts?id=31045