https://www.taxtmi.com/caselaws?id=447647 NCLAT held that the Adjudicating Authority exceeded its jurisdiction by imposing a fine on suspended directors for allegedly not cooperating with the Liquidator during CIRP proceedings. The tribunal ruled that such fines constitute penalties under Sections 70 and 236 of IBC, which fall outside the NCLT's jurisdiction. The NCLAT set aside the impugned order and remanded the matter to NCLT New Delhi for fresh consideration in accordance with law, emphasizing that the lower tribunal erred by overlooking established legal precedents. en-us Thu, 19 Oct 2023 00:00:00 +0530 Mon, 01 Jan 2024 20:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447647 NCLAT held that the Adjudicating Authority exceeded its jurisdiction by imposing a fine on suspended directors for allegedly not cooperating with the Liquidator during CIRP proceedings. The tribunal ruled that such fines constitute penalties under Sections 70 and 236 of IBC, which fall outside the NCLT's jurisdiction. The NCLAT set aside the impugned order and remanded the matter to NCLT New Delhi for fresh consideration in accordance with law, emphasizing that the lower tribunal erred by overlooking established legal precedents. Case-Laws Insolvency and Bankruptcy Thu, 19 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447647