NCLT orders restoration of ₹2.60 lakh related-party advance
In short
The NCLT ordered former directors to put back a ₹2.60 lakh related-party advance to the company. The order cited missing papers that did not show a business reason for the payment.
This matters because the money must go back to the corporate debtor. The reporting does not say when the transfer was made or what the deal was for.
What the reporting says
The NCLT ordered former directors to restore a ₹2.60 lakh related-party transaction to the corporate debtor, according to a publisher summary of the order. The reported basis was a lack of supporting documents showing a commercial purpose for the advance. The immediate consequence is restoration of the amount, while the available reporting does not state when the transaction occurred or what the underlying business was.
Why it matters
The NCLT directed former directors to restore a ₹2.60 lakh related-party advance to the corporate debtor, based on the reported absence of documents supporting a commercial purpose. The order appears to concern an IBC-related review of transactions, but the available reporting does not identify the company, the date of the transfer, or any broader recovery amount. The immediate effect is repayment of the sum.