https://www.taxtmi.com/caselaws?id=288840 The Tribunal found that the Directors made unauthorized withdrawals without IRP approval, breaching previous orders. Despite justifying the withdrawals as essential for the Corporate Debtor, the Tribunal was dissatisfied with their explanations. Emphasizing the IRP/RP's post-admission management role, the Tribunal directed the Directors to return the withdrawn funds, appear personally, and explain why no further action should be taken. The case was scheduled for a hearing before a Bench appointed by the Chairperson on 6th January 2020. en-us Tue, 17 Dec 2019 00:00:00 +0530 Thu, 02 Jul 2020 08:05:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288840 The Tribunal found that the Directors made unauthorized withdrawals without IRP approval, breaching previous orders. Despite justifying the withdrawals as essential for the Corporate Debtor, the Tribunal was dissatisfied with their explanations. Emphasizing the IRP/RP's post-admission management role, the Tribunal directed the Directors to return the withdrawn funds, appear personally, and explain why no further action should be taken. The case was scheduled for a hearing before a Bench appointed by the Chairperson on 6th January 2020. Case-Laws Insolvency and Bankruptcy Tue, 17 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288840