https://www.taxtmi.com/caselaws?id=425567 Section 66 of the Insolvency and Bankruptcy Code was invoked on material showing non-accounting and diversion of corporate debtor assets, including fixed assets, inventories, receivables, cash balances and loans and advances, together with unavailable books, debtor records and bank documents. The Tribunal accepted the resolution professional's independent assessment and found the management's explanations for the missing and suppressed records not credible. On that basis, it treated the conduct as intended to defeat creditor claims and directed the respondents to contribute the diverted value jointly and severally for the benefit of creditors. en-us Mon, 18 Jul 2022 00:00:00 +0530 Wed, 27 Jul 2022 08:39:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425567 Section 66 of the Insolvency and Bankruptcy Code was invoked on material showing non-accounting and diversion of corporate debtor assets, including fixed assets, inventories, receivables, cash balances and loans and advances, together with unavailable books, debtor records and bank documents. The Tribunal accepted the resolution professional's independent assessment and found the management's explanations for the missing and suppressed records not credible. On that basis, it treated the conduct as intended to defeat creditor claims and directed the respondents to contribute the diverted value jointly and severally for the benefit of creditors. Case-Laws Insolvency and Bankruptcy Mon, 18 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425567