High Court: NCLT Must Ensure Statutory Dues Are Paid in Insolvency Cases; Caution Against Fraudulent Proceedings.

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....CIRP Proceedings under IBC versus Tax Dues / Statutory Dues - The High court noted that NCLT should have been cautious before approving the Corporate Insolvency Resolution Plan and could have imposed penalties for the fraudulent initiation of proceedings. The court emphasized that statutory dues cannot be waived off merely by an insolvency resolution process and must be settled as per law.....