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TMI Blog2019 (12) TMI 1313X X X X Extracts X X X X X X X X Extracts X X X X ..... r are unable to show prior approval with regard to any of the impugned withdrawals, the Directors should in the alternative say as to why we should not invoke provisions of Section 74 of IBC, apart from why contempt proceedings should not be initiated. On the next date, the Appeal as well as the IA No.3878/2019 filed by the IRP will be taken up together for hearing. - Company Appeal (AT) (Ins ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of the Corporate Debtor have in violation of the Orders dated 23rd October, 2019 passed by this Tribunal in Appeal, made huge withdrawals including cash withdrawals without prior approval of the IRP. It is stated that the Order of this Tribunal had specified that the IRP will keep the Company a going concern with the assistance of the Board of Directors, officers and employees and had recorded t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ior approvals, it would be taken as a serious act. 5. If the Directors of the Corporate Debtor are unable to show prior approval with regard to any of the impugned withdrawals, the Directors should in the alternative say as to why we should not invoke provisions of Section 74 of IBC, apart from why contempt proceedings should not be initiated. 6. We modify the Order dated 23rd October, 2019 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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