https://www.taxtmi.com/caselaws?id=433174 The court dismissed the writ petition challenging the constitutionality of Section 66(1) of the Insolvency and Bankruptcy Code, 2016, finding it not arbitrary or unconstitutional. It clarified that NCLT's powers under Section 66(1) are limited to fixing liabilities on those responsible for fraudulent conduct during the insolvency process, not declaring transactions void. The court compared the provision with Companies Act sections and emphasized that Section 66(1) does not prevent legal actions against entities involved in fraudulent activities. The petitioner's reliance on judicial precedents was deemed insufficient to support the claim of unconstitutionality. en-us Wed, 18 Jan 2023 00:00:00 +0530 Mon, 23 Jan 2023 11:04:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433174 The court dismissed the writ petition challenging the constitutionality of Section 66(1) of the Insolvency and Bankruptcy Code, 2016, finding it not arbitrary or unconstitutional. It clarified that NCLT's powers under Section 66(1) are limited to fixing liabilities on those responsible for fraudulent conduct during the insolvency process, not declaring transactions void. The court compared the provision with Companies Act sections and emphasized that Section 66(1) does not prevent legal actions against entities involved in fraudulent activities. The petitioner's reliance on judicial precedents was deemed insufficient to support the claim of unconstitutionality. Case-Laws Insolvency and Bankruptcy Wed, 18 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433174