The National Company Law Appellate Tribunal (NCLAT), Chennai, has upheld an order of the Kochi Bench of the National Company Law Tribunal (NCLT) directing two suspended directors of. to jointly and severally repay ₹1.20 crore to the liquidation estate on finding that they fraudulently diverted the said amount via unauthorised accounts.
The liquidation proceedings arose after the failure of the Corporate Insolvency Resolution Process (CIRP) initiated against Axiomata Elevators Pvt. Ltd. in November 2019. Following liquidation in October 2022, the appointed liquidator, Mr Renahan Vamakesan, identified a series of transactions that, in his view, were designed to siphon off funds and defraud creditors.
These included…