Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + AT Insolvency and Bankruptcy - 2019 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (12) TMI 1313 - AT - Insolvency and BankruptcyCIRP Process - cash withdrawals without prior approval of the IRP - HELD THAT:- The Appellant and Deepak Daga may file Reply. If the Directors are unable to show prior approvals, it would be taken as a serious act - If the Directors of the Corporate Debtor are unable to show prior approval with regard to any of the impugned withdrawals, the Directors should in the alternative say as to why we should not invoke provisions of Section 74 of IBC, apart from why contempt proceedings should not be initiated. On the next date, the Appeal as well as the IA No.3878/2019 filed by the IRP will be taken up together for hearing.
|