https://www.taxtmi.com/caselaws?id=422173 The Appellate Tribunal upheld the Adjudicating Authority's decision, dismissing the appeal by the ex-Directors/Promoters. The Tribunal found that the ex-Directors/Promoters engaged in fraudulent transactions, exercised financial control post-resignation, and failed to cooperate with the Interim Resolution Professional (IRP). The Tribunal supported the Adjudicating Authority's application of Sections 66 and 67 of the Insolvency and Bankruptcy Code, holding the ex-Directors/Promoters liable to contribute to the Corporate Debtor's assets and initiating prosecution under Section 69 of the IBC, 2016. en-us Wed, 04 May 2022 00:00:00 +0530 Wed, 11 May 2022 08:33:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422173 The Appellate Tribunal upheld the Adjudicating Authority's decision, dismissing the appeal by the ex-Directors/Promoters. The Tribunal found that the ex-Directors/Promoters engaged in fraudulent transactions, exercised financial control post-resignation, and failed to cooperate with the Interim Resolution Professional (IRP). The Tribunal supported the Adjudicating Authority's application of Sections 66 and 67 of the Insolvency and Bankruptcy Code, holding the ex-Directors/Promoters liable to contribute to the Corporate Debtor's assets and initiating prosecution under Section 69 of the IBC, 2016. Case-Laws Insolvency and Bankruptcy Wed, 04 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422173