Proceeding on fraudulent transactions under 66 of IBC can be initiated even in the absence of any Transaction Audit. IRP have the power to collect information and furnish a detailed analysis to the Adjudicating Authority – Mr. Nitin Bharal Ex-Director/Promoter Vs. Stockflow Express Pvt. Ltd. Through Liquidator, Mr. Sanjay Gupta – NCLAT New Delhi

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Whether the power exercised by the State Government under Section 3(3) read with Section 10(3) and 15(2) of the Commercial Courts Act, 2015 can override Section 42 of the Arbitration and Conciliation Act, 1996? – M.G. Mohanty and another Vs. State of Odisha and others – Orissa High Court

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The IBC is not meant for initiating proceedings for prevention of oppression and mismanagement but is armed with provisions under part -II Chapter – III for initiation of actions against wrong doers/illegal transactions etc. – Ms. Ratna Singh Vs. M/s.Theme Export Pvt. Ltd – NCLAT New Delhi

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