2023 (2) TMI 1301 - SCH - Insolvency and Bankruptcy

Fraudulent trading - Preferential transactions - Undervalued transactions - Extortionate transactions - it was held by NCLAT that 'It is very much clear that it is the intention to defraud creditors at that stage Section 66 is applicable. This section empowers the Adjudicating Authority to pass an order for recovery from such fraudulent parties as contribution to the assets of the CD' - HELD THAT - There are no merit in this appeal. Admission is refused and the civil appeal is, accordingly, dismissed.