https://www.taxtmi.com/caselaws?id=305234 The Tribunal found in favor of the Applicant, the Interim Resolution Professional for M/s. Saubhagya Ornaments Pvt. Ltd., in a case involving misappropriation of funds by the Respondents. The Tribunal ordered the Respondents to pay Rs. 50,00,000/- along with interest, holding them jointly and severally liable. It rejected the defense of the funds being part of an internal arrangement and lacking authorization. Additionally, the Tribunal dismissed the argument of misjoinder of parties and held all Respondents liable for payment. The Tribunal also allowed the claim despite the limitation period challenge and ruled that the amount was recoverable based on the Share Purchase Agreement and other documents provided. en-us Mon, 21 Feb 2022 00:00:00 +0530 Wed, 23 Nov 2022 21:56:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305234 The Tribunal found in favor of the Applicant, the Interim Resolution Professional for M/s. Saubhagya Ornaments Pvt. Ltd., in a case involving misappropriation of funds by the Respondents. The Tribunal ordered the Respondents to pay Rs. 50,00,000/- along with interest, holding them jointly and severally liable. It rejected the defense of the funds being part of an internal arrangement and lacking authorization. Additionally, the Tribunal dismissed the argument of misjoinder of parties and held all Respondents liable for payment. The Tribunal also allowed the claim despite the limitation period challenge and ruled that the amount was recoverable based on the Share Purchase Agreement and other documents provided. Case-Laws Insolvency and Bankruptcy Mon, 21 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305234