https://www.taxtmi.com/caselaws?id=418375 In insolvency proceedings, a penalty for non-maintenance and non-production of the corporate debtor's records must be imposed under the governing Insolvency and Bankruptcy Code framework, with a meaningful opportunity of hearing to the affected ex-directors. Although the record showed repeated non-cooperation and failure to respond to calls for reply and production of records, the appellate tribunal found that the impugned penalty had been imposed by invoking the Companies Act in proceedings under the Insolvency and Bankruptcy Code. The penalty order was therefore set aside and the matter remanded to the Adjudicating Authority for fresh consideration under the Insolvency and Bankruptcy Code after hearing the appellants. en-us Mon, 14 Feb 2022 00:00:00 +0530 Wed, 16 Feb 2022 08:12:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418375 In insolvency proceedings, a penalty for non-maintenance and non-production of the corporate debtor's records must be imposed under the governing Insolvency and Bankruptcy Code framework, with a meaningful opportunity of hearing to the affected ex-directors. Although the record showed repeated non-cooperation and failure to respond to calls for reply and production of records, the appellate tribunal found that the impugned penalty had been imposed by invoking the Companies Act in proceedings under the Insolvency and Bankruptcy Code. The penalty order was therefore set aside and the matter remanded to the Adjudicating Authority for fresh consideration under the Insolvency and Bankruptcy Code after hearing the appellants. Case-Laws Insolvency and Bankruptcy Mon, 14 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418375