NCLAT Upholds Rs 50,000 Penalty on KSL Industries Directors

NCLAT dismissed an appeal by KSL & Industries Ltd's suspended director against a penalty for non-cooperation with the resolution professional.
The tribunal upheld NCLT's order imposing Rs 25,000 cost each on two directors for failing to provide required documents during CIRP.
The court found partial document submission insufficient and affirmed the adjudicating authority's power to impose costs under Section 60(5).
The resolution professional had sought 17 specific documents including bank statements, agreements, and statutory records for the CIRP process.