https://www.taxtmi.com/caselaws?id=761814 NCLAT Principal Bench addressed challenge to order directing reversal of directions implemented between 22.02.2023 and 01.06.2023, concerning determination of Insolvency Commencement Date and its implications. Respondents argued amount appropriation violated moratorium commencing 22.02.2023. NCLAT directed appellant banks to maintain disputed reversal amount in separate interest-bearing account pending final appeal decision to protect corporate debtor's interests while ensuring banks' compliance capability. Appeals scheduled for hearing on 03.12.2024 for final disposal. en-us Tue, 29 Oct 2024 00:00:00 +0530 Mon, 18 Nov 2024 08:55:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761814 NCLAT Principal Bench addressed challenge to order directing reversal of directions implemented between 22.02.2023 and 01.06.2023, concerning determination of Insolvency Commencement Date and its implications. Respondents argued amount appropriation violated moratorium commencing 22.02.2023. NCLAT directed appellant banks to maintain disputed reversal amount in separate interest-bearing account pending final appeal decision to protect corporate debtor's interests while ensuring banks' compliance capability. Appeals scheduled for hearing on 03.12.2024 for final disposal. Case-Laws IBC Tue, 29 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761814