https://www.taxtmi.com/caselaws?id=459381 Bombay HC set aside City Civil Court's order permitting liquidation of fixed deposits to pay statutory dues. The court found defendants failed to comply with NCLT's direction to deposit rental income in separate account with MCGM having first charge over receipts for outstanding dues. Despite collecting amounts from tenants for property taxes and repair cess, defendants did not appropriately appropriate these funds or disclose compliance with NCLT orders. HC held City Civil Court erred in not considering defendants' blameworthy conduct and non-compliance before permitting asset liquidation. Appeal allowed. en-us Wed, 28 Jun 2023 00:00:00 +0530 Wed, 11 Dec 2024 18:57:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459381 Bombay HC set aside City Civil Court's order permitting liquidation of fixed deposits to pay statutory dues. The court found defendants failed to comply with NCLT's direction to deposit rental income in separate account with MCGM having first charge over receipts for outstanding dues. Despite collecting amounts from tenants for property taxes and repair cess, defendants did not appropriately appropriate these funds or disclose compliance with NCLT orders. HC held City Civil Court erred in not considering defendants' blameworthy conduct and non-compliance before permitting asset liquidation. Appeal allowed. Case-Laws Indian Laws Wed, 28 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459381