NCLT Ahmedabad finds Shrenik Morakhia and other directors liable for fraudulent trading under IBC Section 66.
Tribunal orders directors to contribute ₹32.49 crore plus 12% interest for falsifying accounts and diverting funds.
Directors manipulated financial statements to inflate debtors and secure higher bank credit facilities from public sector banks.
Court directs filing of complaints against CA Arun Bagaria with NFRA and ICAI for assisting in account falsification.