NCLT Ahmedabad allowed a liquidator's application against Baid Industries' directors for fraudulent asset transfers.
The tribunal found directors sold mortgaged GIDC land without consent from secured creditor Meliora ARC during CIRP pendency.
Directors Ashok and Hemanth Baid were ordered to restore ₹5.14 crore plus 12% interest to the liquidation estate.
The order criticizes SBI and GIDC for compromising Meliora ARC's security interest but imposes no penalty on them.