Withdrawing the money by Suspended Directors from Bank account of the Corporate Debtor post commencement of CIRP is in contravention of Section 14 of the Code – Vikas Jeph Vs. Anoop Bhatia RP for Jeph Bev Pvt. Ltd. – NCLAT New Delhi
The Hon’ble NCLAT holds that there is no error in the impugned order because once the order of admission was passed and moratorium is imposed under Section 14 of the Code, the powers of the Board got suspended and management and the affairs of the Corporate Debtor vests with the IRP.
