https://www.taxtmi.com/caselaws?id=790021 Repeated deduction of employee contributions from salaries and failure to remit them to the Society supported liability under Section 66 of the Insolvency and Bankruptcy Code, 2016. The unexplained claim that the sums were used as working capital was rejected because it was not backed by reliable material. Applying the standard of fraudulent conduct, and drawing on the breadth of fraud under Section 447 of the Companies Act, 2013, the tribunal held that wrongful gain or personal enrichment is not essential. The sustained withholding of amounts held for a specific statutory purpose was sufficient to establish fraudulent trading, and the challenge failed. en-us Thu, 16 Apr 2026 00:00:00 +0530 Sat, 18 Apr 2026 08:21:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=790021 Repeated deduction of employee contributions from salaries and failure to remit them to the Society supported liability under Section 66 of the Insolvency and Bankruptcy Code, 2016. The unexplained claim that the sums were used as working capital was rejected because it was not backed by reliable material. Applying the standard of fraudulent conduct, and drawing on the breadth of fraud under Section 447 of the Companies Act, 2013, the tribunal held that wrongful gain or personal enrichment is not essential. The sustained withholding of amounts held for a specific statutory purpose was sufficient to establish fraudulent trading, and the challenge failed. Case-Laws IBC Thu, 16 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=790021