https://www.taxtmi.com/caselaws?id=427227 The NCLT dismissed the application under Section 7 of the IB Code, ruling that the appellants' claims were not genuine and were time-barred. The Tribunal found that the financial transactions lacked authenticity, with doubts raised over the delay in raising claims and the nature of agreements. Imposing a cost of Rs. 1 lakh for abusing the court's process, the NCLT directed the amount to be deposited in the Prime Minister's National Relief Fund within one month, with proof of deposit to be submitted within 10 days thereafter. en-us Fri, 02 Sep 2022 00:00:00 +0530 Mon, 05 Sep 2022 13:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427227 The NCLT dismissed the application under Section 7 of the IB Code, ruling that the appellants' claims were not genuine and were time-barred. The Tribunal found that the financial transactions lacked authenticity, with doubts raised over the delay in raising claims and the nature of agreements. Imposing a cost of Rs. 1 lakh for abusing the court's process, the NCLT directed the amount to be deposited in the Prime Minister's National Relief Fund within one month, with proof of deposit to be submitted within 10 days thereafter. Case-Laws Insolvency and Bankruptcy Fri, 02 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427227