Suspended directors to pay amount to liquidation estate as fraudulent transaction evidentially proved

Advertisement 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...