In this article, you will learn about the practical aspects of fraudulent transactions under the Insolvency and Bankruptcy Code (IBC), 2016, such as how to draft applications for the avoidance/reversal of fraudulent transactions and how to contest them effectively before the National Company Law Tribunal. If you are looking to carve your niche in insolvency and bankruptcy laws, this article will help you immensely.
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Introduction
What if the people entrusted with running a company are the masterminds behind its downfall? Think of a scenario where directors, knowing the company is heading toward insolvency, deliberately divert assets or engage in imprudent business transactions—leaving other stakeholders in a lurch. Sounds concerning, right? That is precisely what section 66 of the Insolvency and Bankruptcy Code (IBC), 2016, aims to avoid.
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