NCLT Ahmedabad rejects liquidator's application seeking Rs 9.59 crore from ex-directors for alleged fraudulent trading under Section 66 IBC.
Tribunal finds liquidator relied solely on forensic audit without independent analysis as mandated by Regulation 35A of CIRP Regulations.
Allegations included Rs 7.09 crore debtor write-off, Rs 1.12 crore related-party payment, and Rs 1.15 crore plant overstatement, all explained by respondents.
Order dated 13 July 2026 emphasizes burden of proof lies with applicant to establish fraudulent intent with cogent evidence.