https://www.taxtmi.com/caselaws?id=405300 The Tribunal found Respondent No.4 Bank negligent for allowing unauthorized withdrawals from the corporate debtor's account and ordered it to reimburse Rs. 44.90 Lakh within 15 days. The bank was permitted to take legal action against the individuals involved. The RP was authorized to pursue legal action against Respondents No.1, 2, and 3 for unauthorized payments. Respondents No.1, 2, and 3 were directed to surrender all assets, including vehicles, and cooperate in the insolvency proceedings. The registry was instructed to promptly communicate the order to relevant parties. en-us Mon, 15 Mar 2021 00:00:00 +0530 Wed, 17 Mar 2021 09:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405300 The Tribunal found Respondent No.4 Bank negligent for allowing unauthorized withdrawals from the corporate debtor's account and ordered it to reimburse Rs. 44.90 Lakh within 15 days. The bank was permitted to take legal action against the individuals involved. The RP was authorized to pursue legal action against Respondents No.1, 2, and 3 for unauthorized payments. Respondents No.1, 2, and 3 were directed to surrender all assets, including vehicles, and cooperate in the insolvency proceedings. The registry was instructed to promptly communicate the order to relevant parties. Case-Laws Insolvency and Bankruptcy Mon, 15 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405300