Anish Lawrence Vs Renahan Vamakesan (NCLAT Chennai)
NCLAT Chennai held that suspended directors rightly directed to pay amount to liquidation estate of Corporate Debtor since evidence presented did substantiated the determination of fraudulent transaction as envisaged under Section 66 of the IBC.
Facts- The instant appeal has been preferred by the Appellant, being aggrieved as against the impugned order dated 23.06.2023 as rendered in IA(IBC)/426/KOB/2022, that was filed by the Liquidator of M/s. Axiomata Elevators Pvt. Ltd. (Corporate Debtor), under Section 66(1) and Section 60(5) of the I & B Code, 2016, read with Rule 11 of the NCLT Rules, 2016.
By virtue of the impugned order, learned NCLT allowed the aforesaid application and had directed the Respondent to pay a sum of ₹1,20,81,752/-, jointly and severally, within a month of the order, failing which, to pay the same with interest at 12% per annum from the date of the order till the date of its realisation, to the liquidation estate. Aggrieved by the said order, the appellants herein have filed this company appeal.
Conclusion- Held that in the instant case, the Liquidator has found certain established fraudulent transactions and the fraudulent intent of the Appellants were proved behind these transactions. The Appellants did not avail of the opportunity given by the Liquidator to produce the evidence in his support, which they now seek to produce. They also, for the reasons best known to themselves, did not produce such evidence before the learned NCLT. Thus, it has to be held that the learned NCLT has rightly allowed the application, holding that the evidence presented did substantiated the determination of fraudulent transaction as envisaged under Section 66 of the IBC.
