Section 67 of IBC : Section 67: Proceedings Under Section 66

IBC

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Explanation using Example

Imagine a scenario where a company, XYZ Pvt. Ltd., is undergoing insolvency proceedings. During the process, it is discovered that one of the directors of the company had taken out funds from the company for personal use, which contributed to the company's insolvency. The Insolvency Resolution Professional (IRP) files an application under section 66 of the Insolvency and Bankruptcy Code, alleging fraudulent trading or wrongful trading by the director.

After reviewing the evidence, the Adjudicating Authority (National Company Law Tribunal, NCLT) finds the director guilty and passes an order under section 66, holding the director personally liable to make contributions to the company's ass...

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