https://www.taxtmi.com/caselaws?id=303711 The Tribunal found transactions between the Corporate Debtor and respondents fraudulent and sham, nullifying them. Promoters/directors were held liable under Section 66 of the IBC for diverting funds. SEBI's findings supported the fraudulent nature of transactions. Despite a legal impediment under Section 33(5) of the IBC, respondents were directed to contribute Rs. 2687.27 Lakhs to the Corporate Debtor. Failure to comply would lead to property seizure. The RP was instructed to pursue criminal prosecution under Section 60 of the IBC against the respondents. en-us Mon, 13 Dec 2021 00:00:00 +0530 Sun, 07 Aug 2022 20:12:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303711 The Tribunal found transactions between the Corporate Debtor and respondents fraudulent and sham, nullifying them. Promoters/directors were held liable under Section 66 of the IBC for diverting funds. SEBI's findings supported the fraudulent nature of transactions. Despite a legal impediment under Section 33(5) of the IBC, respondents were directed to contribute Rs. 2687.27 Lakhs to the Corporate Debtor. Failure to comply would lead to property seizure. The RP was instructed to pursue criminal prosecution under Section 60 of the IBC against the respondents. Case-Laws Insolvency and Bankruptcy Mon, 13 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303711