https://www.taxtmi.com/caselaws?id=302228 Section 66 of the Insolvency and Bankruptcy Code, 2016 was applied to allegedly unexplained shareholding transfers, continued financial control after resignation, receivables write-offs, post-resignation bank operations, and suspicious cash settlements. The Tribunal treated the round-trip share transactions and the continued involvement of former directors in financial affairs as evidence that control had not ended in substance. It also viewed the write-offs and settlements as part of a fraudulent design prejudicing creditors. The application was allowed, contribution to the corporate debtor's assets was ordered against the persons found responsible, and prosecution under the Code was directed. en-us Fri, 21 Jan 2022 00:00:00 +0530 Wed, 11 May 2022 08:32:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=302228 Section 66 of the Insolvency and Bankruptcy Code, 2016 was applied to allegedly unexplained shareholding transfers, continued financial control after resignation, receivables write-offs, post-resignation bank operations, and suspicious cash settlements. The Tribunal treated the round-trip share transactions and the continued involvement of former directors in financial affairs as evidence that control had not ended in substance. It also viewed the write-offs and settlements as part of a fraudulent design prejudicing creditors. The application was allowed, contribution to the corporate debtor's assets was ordered against the persons found responsible, and prosecution under the Code was directed. Case-Laws Insolvency and Bankruptcy Fri, 21 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=302228