The Supreme Court on Thursday rejected Axis Bank’s petition seeking reconsideration of its earlier judgment that held that the NCLT while examining the existence of debt and default by a corporate debtor on a financial creditor’s plea for initiating corporate insolvency resolution process has the discretion to admit or not admit the plea. A Bench comprising justices Indira Banerjee and
SBI has filed an insolvency petition against the country’s largest sugar firm Bajaj Hindusthan Sugar Ltd.SBI as a financial creditor has filed the plea before the Allahabad bench of the National Company Law Tribunal (NCLT). The petition has been filed under Section 7 of Insolvency and Bankruptcy Code 2016. In the last fiscal year, the company had posted a consolidated
The NCLT MUMBAI has directed the income tax department to return the tax deducted at source (TDS) from Precision Fasteners after the auto-component maker was referred for liquidation. The ruling is expected to set a precedent in several such cases where the revenue department is seeking to recover statutory dues from companies facing liquidation. The liquidator of the company had
The Corporate Insolvency Resolution Process plays a key role in deciding the debtor company’s fate it can either be run as a going concern or can also be put under liquidation process. In this Article the author tries to establish the procedural theoretical aspects of the insolvency resolution process after such order is passed by the National Company Law Tribunal.
The Corporate Insolvency Resolution Process plays a key role in deciding the debtor company’s fate it can either be run as a going concern or can also be put under liquidation process. In this Article the author tries to establish the procedural theoretical aspects of the insolvency resolution process after such order is passed by the National Company Law Tribunal.
