https://www.taxtmi.com/caselaws?id=288839 The judgment addresses the unauthorized withdrawals made by Directors of a Corporate Debtor without the approval of the Interim Resolution Professional, leading to the addition of a Director as a Respondent in the Application. The Directors are directed to provide a Reply regarding the withdrawals, failing which Section 74 of the Insolvency and Bankruptcy Code may be invoked, and contempt proceedings initiated. The Order is modified to restrict cheque issuance approval to the IRP, aiming to prevent unauthorized transactions. The Appeal and related application are scheduled for a simultaneous hearing on 17th December, 2019, with responses due by 16th December, 2019. en-us Thu, 05 Dec 2019 00:00:00 +0530 Thu, 02 Jul 2020 08:05:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288839 The judgment addresses the unauthorized withdrawals made by Directors of a Corporate Debtor without the approval of the Interim Resolution Professional, leading to the addition of a Director as a Respondent in the Application. The Directors are directed to provide a Reply regarding the withdrawals, failing which Section 74 of the Insolvency and Bankruptcy Code may be invoked, and contempt proceedings initiated. The Order is modified to restrict cheque issuance approval to the IRP, aiming to prevent unauthorized transactions. The Appeal and related application are scheduled for a simultaneous hearing on 17th December, 2019, with responses due by 16th December, 2019. Case-Laws Insolvency and Bankruptcy Thu, 05 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288839