https://www.taxtmi.com/caselaws?id=300855 The National Company Law Tribunal, New Delhi, found the respondents in violation of Section 14 of the Insolvency and Bankruptcy Code by withdrawing funds during the Corporate Insolvency Resolution Process. The Tribunal directed the respondents to deposit the withdrawn amount of Rs. 32 lakhs with 12% interest per annum back into the Corporate Debtor's accounts within 21 days. Failure to comply would result in filing an affidavit of non-compliance. The judgment stressed adherence to IBC provisions, moratorium regulations, and protection of the Corporate Debtor's interests. en-us Mon, 09 Nov 2020 00:00:00 +0530 Mon, 28 Feb 2022 20:23:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300855 The National Company Law Tribunal, New Delhi, found the respondents in violation of Section 14 of the Insolvency and Bankruptcy Code by withdrawing funds during the Corporate Insolvency Resolution Process. The Tribunal directed the respondents to deposit the withdrawn amount of Rs. 32 lakhs with 12% interest per annum back into the Corporate Debtor's accounts within 21 days. Failure to comply would result in filing an affidavit of non-compliance. The judgment stressed adherence to IBC provisions, moratorium regulations, and protection of the Corporate Debtor's interests. Case-Laws Insolvency and Bankruptcy Mon, 09 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300855