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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In Absence Of Claims From Financial Or Operational Creditors, Liquidation Order Must Be Passed U/S 33 Of IBC: NCLT Bengaluru
Insolvency & Bankruptcy CodeWinding Up & Liquidation
The NCLT, Bengaluru, has ruled that in the "absence of claims from financial or operational creditors, a liquidation order must be passed under Section 33 of the IBC." The tribunal's decision clarifies a key procedural aspect of the IBC. The ruling reinforces the principle that a company that has no creditors to pay cannot be taken into insolvency.
