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Section 66 doesn’t specify look back period for fraudulent trading
Case Law Details
- Case Name
- Thomas George Vs 1. K. Easwara Pillai (NCLAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- NCLAT
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Thomas George Vs 1.K. Easwara Pillai (NCLAT Chennai)
NCLAT Chennai held that there is no specified look back period for fraudulent trading under section 66 and hence losses caused to the Creditors are recovered in the event of the Liquidation and that the Directors who caused such losses are made liable to make good such losses.
Facts-
CIRP commenced against the ‘Corporate Debtor’ on 20.11.2020 and Mr. K. Easwara Pillai was appointed as the IRP. During the course of CIRP, while inspecting the factory of the Corporate Debtor, the Resolution Professional found irregular busi...
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