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TMI Blog2022 (7) TMI 1193X X X X Extracts X X X X X X X X Extracts X X X X ..... under Section 69. The direction in paragraph 29 insofar as Respondent Nos. 9 and 10 (Appellants before us) for prosecution under Section 69 is deserves to be set aside and is hereby set aside. Both the Appeals are partly allowed insofar as direction in paragraph 29 for instituting prosecution under Section 69 against the Appellants is concerned - Appeal disposed off. - Comp. App. (AT) (Ins.) No. 587 of 2022 Comp. App. (AT) (Ins.) No. 588 of 2022 - - - Dated:- 27-7-2022 - [Justice Ashok Bhushan] Chairperson , [Justice M. Satyanarayana Murthy] Member (Judicial) And [Barun Mitra] Member (Technical) For the Appellant : Mr. Dhiraj Kumar, Mr. Avinash Lakhanpal, Mr. Piyush Lakhanpal, Advocates For the Respondents : Mr. Sowmya Sai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... earned Counsel for the Appellant submits that in that Appeal filed by the Appellant, there are several other issues which are different from those Appellant who had filed the Company Appeal (AT) (Ins.) No. 454 of 2022. He submits that the Appellant s case was that in the ledger which was maintained by the Appellant certain dues were due by the Corporate Debtor payable to the Appellant themselves. 6. We have considered the submissions and perused the record. 7. This Appellate Tribunal while dismissing the Company Appeal (AT) (Ins.) No. 454 of 2022 filed by the Ex-Promoter and Ex-Directors of the Corporate Debtor has already returned finding that amounts written off as back dates during the Financial Year comes within the fraudulent tra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the corporate debtor within two months before the date of any unsatisfied judgment, decree or order for payment of money obtained against the corporate debtor, such officer of the corporate debtor or the corporate debtor, as the case may be, shall be punishable with imprisonment for a term which shall not be less than one year, but which may extend to five years, or with fine which shall not be less than one lakh rupees, but may extend to one crore rupees, or with both: Provided that a person shall not be punishable under this section if the acts mentioned in clause (a) were committed more than five years before the insolvency commencement date; or if he proves that, at the time of commission of those acts, he had no intent to defrau ..... X X X X Extracts X X X X X X X X Extracts X X X X
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