The National Company Law Appellate Tribunal (NCLAT) recently dismissed an appeal filed by the suspended directors of a corporate debtor, holding that directors who had invested a sum of ₹5,49,99,950 into the corporate debtor company cannot possibly and credibly claim to have been unaware of the initiation of corporate insolvency resolution process (CIRP) against their company.
–The present appeal before the NCLAT arose from an order passed by the Adjudicating Authorities in an order dated December 7, 2023, ascribing certain observations recorded against the appellants, affecting the CIRP process and subsequent decision in the same regard.
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