https://www.taxtmi.com/caselaws?id=399334 The court upheld the admission of the company petition under Section 7 of the Insolvency and Bankruptcy Code, 2018, filed by Bank of India against the Petitioner, leading to the imposition of a moratorium. It was found that the Directors had siphoned funds in violation of IBC provisions, prompting the court to direct the Chief Legal Head of Bank of India to address the fraudulent conduct. The case emphasized the necessity of transparency, integrity, and oversight in insolvency proceedings to safeguard stakeholders' interests. en-us Mon, 05 Oct 2020 00:00:00 +0530 Thu, 08 Oct 2020 11:47:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399334 The court upheld the admission of the company petition under Section 7 of the Insolvency and Bankruptcy Code, 2018, filed by Bank of India against the Petitioner, leading to the imposition of a moratorium. It was found that the Directors had siphoned funds in violation of IBC provisions, prompting the court to direct the Chief Legal Head of Bank of India to address the fraudulent conduct. The case emphasized the necessity of transparency, integrity, and oversight in insolvency proceedings to safeguard stakeholders' interests. Case-Laws Insolvency and Bankruptcy Mon, 05 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399334