https://www.taxtmi.com/caselaws?id=465227 NCLAT allowed the appeal and set aside the NCLT order dismissing the RP's application under Section 60(5)(b) r/w Sections 68, 70 and 74 IBC and Rule 11 NCLT Rules. It held that upon admission of CIRP, declaration of moratorium and appointment of IRP, all powers of the board stand suspended and vest in the IRP, and any transfer of the Corporate Debtor's assets by the suspended board is prohibited. The Tribunal rejected the Respondent's plea of routine transfer and directed restoration of the amount unlawfully transferred to a related-party entity during the moratorium period. en-us Tue, 11 Oct 2022 00:00:00 +0530 Thu, 11 Dec 2025 20:42:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465227 NCLAT allowed the appeal and set aside the NCLT order dismissing the RP's application under Section 60(5)(b) r/w Sections 68, 70 and 74 IBC and Rule 11 NCLT Rules. It held that upon admission of CIRP, declaration of moratorium and appointment of IRP, all powers of the board stand suspended and vest in the IRP, and any transfer of the Corporate Debtor's assets by the suspended board is prohibited. The Tribunal rejected the Respondent's plea of routine transfer and directed restoration of the amount unlawfully transferred to a related-party entity during the moratorium period. Case-Laws IBC Tue, 11 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465227