https://www.taxtmi.com/caselaws?id=434688 The Appellate Tribunal upheld the Adjudicating Authority's decision, dismissing the appeal by the Directors of the Corporate Debtor. The Tribunal found the entries of Rs. 21.37 crore in the audited financial statement for 2018 to be fraudulent transactions. The Directors were held liable for the loss under the Insolvency and Bankruptcy Code, as they failed to provide necessary details and evidence to refute the allegations of fraud. The Tribunal concluded that the assets were fictitious and created with the intent to defraud creditors, affirming the original order for the Directors to pay the amount for distribution under the Code. en-us Wed, 01 Mar 2023 00:00:00 +0530 Thu, 02 Mar 2023 08:16:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434688 The Appellate Tribunal upheld the Adjudicating Authority's decision, dismissing the appeal by the Directors of the Corporate Debtor. The Tribunal found the entries of Rs. 21.37 crore in the audited financial statement for 2018 to be fraudulent transactions. The Directors were held liable for the loss under the Insolvency and Bankruptcy Code, as they failed to provide necessary details and evidence to refute the allegations of fraud. The Tribunal concluded that the assets were fictitious and created with the intent to defraud creditors, affirming the original order for the Directors to pay the amount for distribution under the Code. Case-Laws Insolvency and Bankruptcy Wed, 01 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434688