https://www.taxtmi.com/caselaws?id=420134 Delay in filing the avoidance application did not bar consideration where the application was filed during CIRP and the record showed suspended management's non-cooperation, incomplete financial data, and document collation difficulties during COVID-related restrictions. The transfer of the right to use a trademark to a related party for nominal consideration, within the look-back period and outside the ordinary course of business, was treated as an undervalued transaction under the Insolvency and Bankruptcy Code. The transaction was held avoidable, and the trademark right was withdrawn from the respondent and vested back in the corporate debtor to support implementation of the resolution plan. en-us Thu, 24 Mar 2022 00:00:00 +0530 Mon, 28 Mar 2022 08:23:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420134 Delay in filing the avoidance application did not bar consideration where the application was filed during CIRP and the record showed suspended management's non-cooperation, incomplete financial data, and document collation difficulties during COVID-related restrictions. The transfer of the right to use a trademark to a related party for nominal consideration, within the look-back period and outside the ordinary course of business, was treated as an undervalued transaction under the Insolvency and Bankruptcy Code. The transaction was held avoidable, and the trademark right was withdrawn from the respondent and vested back in the corporate debtor to support implementation of the resolution plan. Case-Laws Insolvency and Bankruptcy Thu, 24 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420134