https://www.taxtmi.com/caselaws?id=414242 Under the Insolvency and Bankruptcy Code moratorium, alleged debits from a corporate debtor's bank accounts did not, by themselves, prove unauthorised diversion of funds. The record showed both credits and debits during the insolvency period, and the payments were supported as doctors' fees, staff salary and vendor payments made to keep the hospital operating as a going concern during the pandemic. In the absence of direct evidence that the disputed sums were transferred into the respondent's personal account, personal diversion was not established. Restoration of funds and punitive relief were therefore rejected. 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 Under the Insolvency and Bankruptcy Code moratorium, alleged debits from a corporate debtor's bank accounts did not, by themselves, prove unauthorised diversion of funds. The record showed both credits and debits during the insolvency period, and the payments were supported as doctors' fees, staff salary and vendor payments made to keep the hospital operating as a going concern during the pandemic. In the absence of direct evidence that the disputed sums were transferred into the respondent's personal account, personal diversion was not established. Restoration of funds and punitive relief were therefore rejected. Case-Laws Insolvency and Bankruptcy Thu, 14 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414242