https://www.taxtmi.com/caselaws?id=405894 The National Company Law Tribunal, New Delhi, declared a transaction of Plant and Machinery as fraudulent and canceled the sale of assets to a specific respondent under Sections 49 and 66 of the Insolvency and Bankruptcy Code. The Tribunal found that the transaction was undervalued with fraudulent intent to defraud creditors. The sale was deemed to be in violation of the Code, leading to the assets' repossession by the Resolution Professional to protect creditors' interests. The suspended Directors were held accountable for the fraudulent activities and ordered to compensate the purchaser. This decision sets a precedent for combating fraudulent practices in insolvency proceedings and ensuring fairness to creditors. en-us Wed, 24 Mar 2021 00:00:00 +0530 Thu, 01 Apr 2021 08:45:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405894 The National Company Law Tribunal, New Delhi, declared a transaction of Plant and Machinery as fraudulent and canceled the sale of assets to a specific respondent under Sections 49 and 66 of the Insolvency and Bankruptcy Code. The Tribunal found that the transaction was undervalued with fraudulent intent to defraud creditors. The sale was deemed to be in violation of the Code, leading to the assets' repossession by the Resolution Professional to protect creditors' interests. The suspended Directors were held accountable for the fraudulent activities and ordered to compensate the purchaser. This decision sets a precedent for combating fraudulent practices in insolvency proceedings and ensuring fairness to creditors. Case-Laws Insolvency and Bankruptcy Wed, 24 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405894