The National Company Law Appellate Tribunal (NCLAT) in New Delhi, chaired by Justice Ashok Bhushan and Technical Member Mr. Barun Mitra, has ruled that a Corporate Debtor remains liable for discharging its operational debt, even if an insurance claim has been settled with the Operational Creditor. The decision clarifies that the insurance payment to the Operational Creditor cannot serve as
The National Company Law Tribunal (NCLT) has released a Circular on 4th August 2023, highlighting the pending petitions and applications within the E-Filing system, which were submitted prior to 30th June 2023. These cases lack subsequent actions or follow-ups. In this regard, the NCLT urges concerned parties and their legal representatives to proactively engage in follow-up actions and prosecution of
The National Company Law Tribunal (NCLT) has given its decision to liquidate Mumbai-based Sterling International Enterprises Ltd. This comes after the committee of creditors had recently passed a resolution for liquidating the company. “The Reasons assigned in the petition with regards to taking the decision of liquidation of Corporate Debtor by Committees of Creditors (CoC) appear to be convincing. On
