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The Ahmedabad Bench of the National Company Law Tribunal (NCLT) has held that directors, promoters, and certain third-party entities of Kanoovi Foods Pvt. Ltd. are liable for fraudulent and wrongful trading under Section 66 of the Insolvency and Bankruptcy Code, 2016, after a forensic audit revealed large-scale siphoning and diversion of funds. The Bench comprising Judicial Member Shammi Khan and Technical Member Sanjeev Sharma passed the order in an application originally filed by the liquidator and later pursued by HDFC Bank Ltd., seeking directions against persons responsible for fraudulent transactions to contribute to the assets of the corporate debtor. The case arose from the Corporate Insolvency Resolution Process initiated against Kanoovi Foods Pvt. Ltd. in 2019, which ultimately led to liquidation in January 2021. During the CIRP, a forensic audit was commissioned to examine the financial affairs of the company and identify any instances of preferential, fraudulent or wrongful transactions. The audit report, along with its addendum, formed the foundation of the present proceedings.
Judicial Member of the National Company Law Tribunal (NCLT), Ahmedabad Bench.
Technical Member of the National Company Law Tribunal (NCLT), Ahmedabad Bench.
Author of the article detailing the NCLT ruling on Kanoovi Foods.
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