The appeal was filed by the ex-directors of E-Z Barter Private Limited (corporate debtor) against an order passed by the Adjudicating Authority. The Adjudicating Authority had initiated CIRP against the Corporate Debtor following an application under Section 9 of the IBC. During the CIRP, the IRP filed applications alleging that the Appellants had withdrawn Rs. 32 lakhs during the moratorium period. The Adjudicating Authority allowed the applications and imposed a penalty of Rs. 5 lakhs each on the ex-directors. The ex-directors were also directed to provide records and financial information to the Resolution Professional. The Adjudicating Authority invoked Section 128(6) of the Companies Act and levied penalties due to the absence of any reply from the
…Mr. Ashish Chaturvedi and Mr. Sanjay Kapoor, ex-directors of A to Z Barter Private Limited, filed an appeal against an order of the Adjudicating Authority. The Adjudicating Authority initiated CIRP against E-Z Barter Private Limited (corporate debtor) based on an application under Section 9 of the IBC. During the CIRP, the IRP alleged that the Appellants withdrew Rs. 32 lakhs during the moratorium period. The Adjudicating Authority imposed a penalty of Rs. 5 lakhs each on the Appellants for non-cooperation in providing records and financial information. The Appellants argued that the Adjudicating Authority lacked jurisdiction to impose penalties under the Companies Act. The liquidator sought financial information from the Appellants, but they failed to provide it. The
…Sign in to view the parties.
Application under section 9 of IBC was…
Tribunal ordered to…
The appeal was filed by the ex-directors of E-Z Barter Private Limited (corporate debtor) against an order passed by the Adjudicating Authority. The Adjudicating Authority had initiated CIRP against the Corporate Debtor following an application under Section 9 of the IBC. During the CIRP, the IRP filed applications alleging that the Appellants had withdrawn Rs. 32 lakhs during the moratorium period. The Adjudicating Authority allowed the applications and imposed a penalty of Rs. 5 lakhs each on the ex-directors. The ex-directors were also directed to provide records and financial information to the Resolution Professional. The Adjudicating Authority invoked Section 128(6) of the Companies Act and levied penalties due to the absence of any reply from the
…Mr. Ashish Chaturvedi and Mr. Sanjay Kapoor, ex-directors of A to Z Barter Private Limited, filed an appeal against an order of the Adjudicating Authority. The Adjudicating Authority initiated CIRP against E-Z Barter Private Limited (corporate debtor) based on an application under Section 9 of the IBC. During the CIRP, the IRP alleged that the Appellants withdrew Rs. 32 lakhs during the moratorium period. The Adjudicating Authority imposed a penalty of Rs. 5 lakhs each on the Appellants for non-cooperation in providing records and financial information. The Appellants argued that the Adjudicating Authority lacked jurisdiction to impose penalties under the Companies Act. The liquidator sought financial information from the Appellants, but they failed to provide it. The
…Application under section 9 of IBC was…
Tribunal ordered to…