Introduction
This article examines the judgment of the National Company Law Tribunal, Kochi Bench, in IA(IBC)/303/KOB/2024 in CP(IBC)/57/KOB/2022, arising in the matter of M/s. Thesaurus Projects Private Limited. The application was instituted under Section 66 of the Insolvency and Bankruptcy Code, 2016, seeking to fix personal liability on the suspended directors for fraudulent trading. The decision elucidates the contours of Section 66 affirms the Tribunal’s commitment to creditor protection and corporate probity during insolvency and liquidation.
Factual Background
The Corporate Insolvency Resolution Process of M/s. Thesaurus Projects Private Limited commenced on an application filed by the financial creditor, Small Industries…