# In the matter of TUSCAN CONSULTANTS AND DEVELOPERS PRIVATE LIMITED

> NCLT judgment dated 2026-03-27. Citation: TCN-2026-NCLT-00300. CIRP was initiated against Tuscan Consultants and Developers Private Limited based on a…

- **Court:** NCLT
- **Order date:** 27 Mar 2026
- **Citation:** TCN-2026-NCLT-00300
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/tuscan-consultants-and-developers-private-limited-b61ab1fa

## Summary

### Background

The Resolution Professional (RP) filed an application (IA(IBC)/300(CHE)/2024) seeking directions against the Respondents (Suspended Directors) to remit an amount of Rs. 84,04,879/- to the Corporate Debtor's account, alleging wrongful debiting during the moratorium period.

## Facts

CIRP was initiated against Tuscan Consultants and Developers Private Limited based on a petition by IDBI Trusteeship Services Limited.

Mr. Ashok Mittal was appointed as the Resolution Professional (RP).

The RP alleged that the Suspended Directors illegally withdrew/diverted Rs. 84,04,879/- from the Corporate Debtor's account during the moratorium period.

The Suspended Directors claimed the transactions were genuine and related to repayments and salaries.

The CoC resolved to liquidate the Corporate Debtor due to the lack of a successful resolution plan and no realizable assets.

The Tribunal directed the Suspended Directors to remit Rs. 84,04,879/- to the Corporate Debtor's account.

Mr. Kailash Shah was appointed as the Liquidator of the Corporate Debtor.

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## Issues and analysis

### Issue 1: Whether the Suspended Directors violated the …

**Ratio:** Section 14 of the IBC imposes a moratorium prohibiting the transfer, encumbrance,

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**Reasoning:** The Tribunal found that the transactions enumerated in para 14 of the order violated the

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**Interpretation:** Any transaction by the corporate debtor that violates the moratorium is in

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**Application:** The Suspended Directors' debiting of funds from the Corporate Debtor's account

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** IDBI Trusteeship…; Ashok M…
- **Respondents:** Tuscan Consultants…; Vasudevan…; +1 more
- **Other parties:** Kailash…
- **Advocates:** Pragati Pr…; Ashok P…

## Timeline

- **2023-10-09 — CIRP Init…**: CIRP initiated against Tuscan…
- **2023-10-10 — Transactions under…**: Transactions from 10.10.2023 to 13.10.2023 are…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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