https://www.taxtmi.com/caselaws?id=288458 The Adjudicating Authority rejected an application under Section 66 of the Insolvency and Bankruptcy Code, 2016 against Directors for alleged fraudulent transactions. Despite suspicions raised by a special audit report by M/s. Price Water House Coopers (PWC), the State Bank of India's forensic audit did not find evidence of fraud. The Authority determined that the evidence presented was insufficient to establish fraudulent intent or actions that could have avoided insolvency. Consequently, the application was dismissed due to the lack of conclusive evidence supporting the allegations of fraudulent transactions by the Directors. en-us Tue, 09 Jul 2019 00:00:00 +0530 Mon, 08 Jun 2020 18:14:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288458 The Adjudicating Authority rejected an application under Section 66 of the Insolvency and Bankruptcy Code, 2016 against Directors for alleged fraudulent transactions. Despite suspicions raised by a special audit report by M/s. Price Water House Coopers (PWC), the State Bank of India's forensic audit did not find evidence of fraud. The Authority determined that the evidence presented was insufficient to establish fraudulent intent or actions that could have avoided insolvency. Consequently, the application was dismissed due to the lack of conclusive evidence supporting the allegations of fraudulent transactions by the Directors. Case-Laws Insolvency and Bankruptcy Tue, 09 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288458