https://www.taxtmi.com/caselaws?id=428349 The Tribunal affirmed that Rs. 50 lakh, along with 18% interest, is recoverable from Appellant No. 1 Company. The claim was found not barred by limitation as it was payable on demand within the Corporate Insolvency Resolution Process timeline. However, the Tribunal ruled that the recovery cannot be sought jointly and severally from Appellant Nos. 2, 3, and 4, emphasizing the separate legal entity of the Company from its Directors. Appellant No. 1 Company was directed to pay the outstanding amount with interest within four weeks, and the appeal was partly allowed with no costs. en-us Tue, 27 Sep 2022 00:00:00 +0530 Wed, 28 Sep 2022 11:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428349 The Tribunal affirmed that Rs. 50 lakh, along with 18% interest, is recoverable from Appellant No. 1 Company. The claim was found not barred by limitation as it was payable on demand within the Corporate Insolvency Resolution Process timeline. However, the Tribunal ruled that the recovery cannot be sought jointly and severally from Appellant Nos. 2, 3, and 4, emphasizing the separate legal entity of the Company from its Directors. Appellant No. 1 Company was directed to pay the outstanding amount with interest within four weeks, and the appeal was partly allowed with no costs. Case-Laws Insolvency and Bankruptcy Tue, 27 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428349