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IBC - Highlights / Catch Notes

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CIRP Process - The Directors acted wholly illegally once ...


Directors Illegally Withdrew Funds During CIRP Moratorium Using "Self" Cheques, Undermining Insolvency Resolution Professional's Authority.

June 30, 2020

Case Laws     Insolvency and Bankruptcy     AT

CIRP Process - The Directors acted wholly illegally once moratorium had been applied, in going ahead and withdrawing monies from the accounts at the back of IRP by even issuing cheques "Self". Such acts cannot be justified in any manner.

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