Deciding two connected writ petitions arising from a common Industrial Tribunal Award, the Delhi High Court set aside the Tribunal's direction granting hotel workmen a further…
Labour Laws
06/09/20264 min read
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Informative
FD Amounts to Asset of Corporate Debtor: NCLT Allows Custody to RP
Insolvency & Bankruptcy CodeOther Legal Matters
The NCLT has ruled that "FD amounts to an asset of a corporate debtor" and has allowed the RP to take custody. The tribunal's decision provides much-needed clarity on a contentious issue. The ruling reinforces the principle that all assets of a corporate debtor, including fixed deposits, are to be used for the benefit of the creditors. This judgment is a crucial precedent for other cases.
