https://www.taxtmi.com/caselaws?id=414242 The Tribunal rejected the application for restoration of funds under the Insolvency and Bankruptcy Code against a director, finding that the transactions made during the Corporate Insolvency Resolution Process were essential for maintaining the company's operations, especially during the pandemic. The Tribunal determined that the director's actions were in the best interest of the company and did not involve unauthorized transfers of funds to personal accounts. Consequently, the Tribunal dismissed the application, emphasizing the necessity of certain expenditures to ensure the company's continuity during challenging circumstances. en-us Thu, 14 Oct 2021 00:00:00 +0530 Mon, 01 Nov 2021 07:09:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414242 The Tribunal rejected the application for restoration of funds under the Insolvency and Bankruptcy Code against a director, finding that the transactions made during the Corporate Insolvency Resolution Process were essential for maintaining the company's operations, especially during the pandemic. The Tribunal determined that the director's actions were in the best interest of the company and did not involve unauthorized transfers of funds to personal accounts. Consequently, the Tribunal dismissed the application, emphasizing the necessity of certain expenditures to ensure the company's continuity during challenging circumstances. Case-Laws Insolvency and Bankruptcy Thu, 14 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414242