https://www.taxtmi.com/caselaws?id=427076 An appeal under Section 61 of the Insolvency and Bankruptcy Code was held maintainable only at the instance of an aggrieved person, and ex-director and employee appellants were found not to have shown sufficient legal interest to challenge the order. The Tribunal also held that accumulated cash profits lying in the corporate debtor's bank account during liquidation could be distributed under the liquidation framework, because the order did not concern sale proceeds of liquidation assets and there was no breach of Section 53 of the Code or Regulations 32, 41 and 42 of the Liquidation Process Regulations. The impugned order was upheld and the challenge dismissed with costs. en-us Tue, 30 Aug 2022 00:00:00 +0530 Wed, 31 Aug 2022 16:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427076 An appeal under Section 61 of the Insolvency and Bankruptcy Code was held maintainable only at the instance of an aggrieved person, and ex-director and employee appellants were found not to have shown sufficient legal interest to challenge the order. The Tribunal also held that accumulated cash profits lying in the corporate debtor's bank account during liquidation could be distributed under the liquidation framework, because the order did not concern sale proceeds of liquidation assets and there was no breach of Section 53 of the Code or Regulations 32, 41 and 42 of the Liquidation Process Regulations. The impugned order was upheld and the challenge dismissed with costs. Case-Laws Insolvency and Bankruptcy Tue, 30 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427076