https://www.taxtmi.com/caselaws?id=314015 NCLT Mumbai held that respondents were liable under Section 66 of IBC for fraudulent transactions with corporate debtor. R1 (trading company) as principal beneficiary was ordered to contribute Rs. 41.03 crores to debtor's assets within 7 days for knowingly participating in fraudulent business conduct. R2 and R3, suspended directors, were found liable under Section 66(2) for misconduct. Tribunal directed recovery of legitimate amounts and intimation to IBBI for Special Court complaint under Section 236(2). Application allowed. en-us Fri, 29 Jan 2021 00:00:00 +0530 Mon, 13 May 2024 21:31:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314015 NCLT Mumbai held that respondents were liable under Section 66 of IBC for fraudulent transactions with corporate debtor. R1 (trading company) as principal beneficiary was ordered to contribute Rs. 41.03 crores to debtor's assets within 7 days for knowingly participating in fraudulent business conduct. R2 and R3, suspended directors, were found liable under Section 66(2) for misconduct. Tribunal directed recovery of legitimate amounts and intimation to IBBI for Special Court complaint under Section 236(2). Application allowed. Case-Laws Insolvency and Bankruptcy Fri, 29 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314015