Liquidator Authorized by IBC Section 35(2) to Seize Properties; Respondents Liable for Fraudulent Transactions Worth Rs. 21.37 Crores.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....CIRP - Liquidation proeedings - fraudulent transactions - The self–contained IBC in Sec.35(2) empowers the liquidator to take possession (custody) and control of all properties and actionable claims of the CD. It has been adjudicated that the Respondents indulged in fraudulent transactions and they are personally liable to pay the amount of Rs. 21.37 Crores/- - the CD has actionable claims upon the schedule mentioned properties belonging to the Respondents. - Tri....