https://www.taxtmi.com/caselaws?id=424679 The Tribunal found that the transactions identified by the Resolution Professional (RP) were preferential, undervalued, and fraudulent, except for those involving Respondent No. 6, deemed to be in the ordinary course of business. The respondents, excluding Respondent No. 6, were directed to repay the amounts related to the identified transactions within 30 days to the corporate debtor. The RP was instructed to commence penal proceedings against the suspended directors and other implicated parties. The order was to be communicated to the relevant parties and the Insolvency and Bankruptcy Board of India (IBBI) for further action. en-us Mon, 20 Jun 2022 00:00:00 +0530 Wed, 06 Jul 2022 22:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424679 The Tribunal found that the transactions identified by the Resolution Professional (RP) were preferential, undervalued, and fraudulent, except for those involving Respondent No. 6, deemed to be in the ordinary course of business. The respondents, excluding Respondent No. 6, were directed to repay the amounts related to the identified transactions within 30 days to the corporate debtor. The RP was instructed to commence penal proceedings against the suspended directors and other implicated parties. The order was to be communicated to the relevant parties and the Insolvency and Bankruptcy Board of India (IBBI) for further action. Case-Laws Insolvency and Bankruptcy Mon, 20 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424679