https://www.taxtmi.com/caselaws?id=431494 The Appellate Tribunal set aside the Impugned Order, ruling that the transactions between the corporate debtor and Y2Y Fashions Private Limited were normal business operations, not meant to defraud creditors. Consequently, the ex-directors were relieved of the liability to contribute Rs. 83.97 lakhs, and no criminal prosecution was deemed necessary. The appeal was disposed of with no order as to costs. en-us Mon, 12 Dec 2022 00:00:00 +0530 Thu, 15 Dec 2022 09:30:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431494 The Appellate Tribunal set aside the Impugned Order, ruling that the transactions between the corporate debtor and Y2Y Fashions Private Limited were normal business operations, not meant to defraud creditors. Consequently, the ex-directors were relieved of the liability to contribute Rs. 83.97 lakhs, and no criminal prosecution was deemed necessary. The appeal was disposed of with no order as to costs. Case-Laws Insolvency and Bankruptcy Mon, 12 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431494