Court Seeks Directions for Corporate Debtors' Directors to Compensate Losses from Fraudulent Transactions Post-Resignation.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....CIRP - Seeking directions to be issued to the Directors of the Corporate Debtor/the Appellants herein to make good the losses caused on account of the fraudulent transactions entered into by them - The debts written off to defraud the Creditors, the cash transaction post their resignation evidencing their financial control in the affairs of the ‘Corporate Debtor’, clearly establish that they are ‘fraudulent transactions’ done with a wilful intention of financial gain at the cost of negatively effecting the Creditors - AT....