https://www.taxtmi.com/manuals?id=3135 Section 66(1) allows the Adjudicating Authority, on the resolution professional's application, to require persons who knowingly carried on the corporate debtor's business with intent to defraud creditors to contribute to corporate assets; section 66(2) permits the Authority to order directors or partners to contribute where, before the insolvency commencement date, they knew or ought to have known there was no reasonable prospect of avoiding CIRP and failed to exercise due diligence to minimise creditor loss; section 66(3) prevents applications under section 66(2) for defaults during periods where CIRP initiation is suspended. en-us Fri, 01 Sep 2023 14:49:00 +0530 Fri, 08 Dec 2023 15:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/manuals?id=3135 Section 66(1) allows the Adjudicating Authority, on the resolution professional's application, to require persons who knowingly carried on the corporate debtor's business with intent to defraud creditors to contribute to corporate assets; section 66(2) permits the Authority to order directors or partners to contribute where, before the insolvency commencement date, they knew or ought to have known there was no reasonable prospect of avoiding CIRP and failed to exercise due diligence to minimise creditor loss; section 66(3) prevents applications under section 66(2) for defaults during periods where CIRP initiation is suspended. Manuals IBC Fri, 01 Sep 2023 14:49:00 +0530 https://www.taxtmi.com/manuals?id=3135