https://www.taxtmi.com/caselaws?id=419959 The Tribunal dismissed the Appeal against the Adjudicating Authority's decision declaring a transaction fraudulent and cancelling the sale of Plant and Machinery to Respondent No.3. The Appeal claimed the transaction was not undervalued and sought protection as a bonafide purchaser for value. The Tribunal found the transaction undervalued, rejected the need for an independent expert, and clarified the Appellant was a beneficiary, not a victim. The Appeal was dismissed, affirming the cancellation of the sale and holding the suspended Directors liable to refund the amount to Respondent No.3, emphasizing the need to address fraudulent activities in insolvency proceedings. en-us Tue, 22 Mar 2022 00:00:00 +0530 Thu, 24 Mar 2022 09:21:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419959 The Tribunal dismissed the Appeal against the Adjudicating Authority's decision declaring a transaction fraudulent and cancelling the sale of Plant and Machinery to Respondent No.3. The Appeal claimed the transaction was not undervalued and sought protection as a bonafide purchaser for value. The Tribunal found the transaction undervalued, rejected the need for an independent expert, and clarified the Appellant was a beneficiary, not a victim. The Appeal was dismissed, affirming the cancellation of the sale and holding the suspended Directors liable to refund the amount to Respondent No.3, emphasizing the need to address fraudulent activities in insolvency proceedings. Case-Laws Insolvency and Bankruptcy Tue, 22 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419959