https://www.taxtmi.com/caselaws?id=752946 Section 66 of the Insolvency and Bankruptcy Code can be applied where evidence shows a person was knowingly involved in fraudulent conduct to reduce the corporate debtor's recoverable dues. The application was supported by DRI search material, defective books of account, absence of matching inventory, and unexplained accounting entries that sharply reduced liabilities after the search. The Resolution Professional examined the seized material, reported it to the Committee of Creditors, and then filed the application, satisfying Regulation 35A. On those facts, the appellant was not treated as an unrelated third party, and the direction to contribute to the assets of the corporate debtor was upheld. en-us Mon, 06 May 2024 00:00:00 +0530 Tue, 21 May 2024 20:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752946 Section 66 of the Insolvency and Bankruptcy Code can be applied where evidence shows a person was knowingly involved in fraudulent conduct to reduce the corporate debtor's recoverable dues. The application was supported by DRI search material, defective books of account, absence of matching inventory, and unexplained accounting entries that sharply reduced liabilities after the search. The Resolution Professional examined the seized material, reported it to the Committee of Creditors, and then filed the application, satisfying Regulation 35A. On those facts, the appellant was not treated as an unrelated third party, and the direction to contribute to the assets of the corporate debtor was upheld. Case-Laws Insolvency and Bankruptcy Mon, 06 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752946