https://www.taxtmi.com/caselaws?id=396361 The Tribunal found the directors guilty of unauthorized withdrawal of funds during the Corporate Insolvency Resolution Process, violating the moratorium order and engaging in fraudulent trading under Sections 66(1) and 74(1) of the Insolvency and Bankruptcy Code. The application was deemed maintainable, and the directors were ordered to refund the withdrawn amount. Failure to comply would result in fines. The directors' contempt of orders and breach of undertakings were noted, leading to potential further legal actions. en-us Wed, 13 May 2020 00:00:00 +0530 Wed, 01 Jul 2020 11:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396361 The Tribunal found the directors guilty of unauthorized withdrawal of funds during the Corporate Insolvency Resolution Process, violating the moratorium order and engaging in fraudulent trading under Sections 66(1) and 74(1) of the Insolvency and Bankruptcy Code. The application was deemed maintainable, and the directors were ordered to refund the withdrawn amount. Failure to comply would result in fines. The directors' contempt of orders and breach of undertakings were noted, leading to potential further legal actions. Case-Laws Insolvency and Bankruptcy Wed, 13 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396361