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
NCLT Admits Application for CIRP by SBI against Corporate Debtor for Providing financial assistance of Rs.25.75 Cr
BankingInsolvency & Bankruptcy Code
The NCLT has admitted an application for the initiation of Corporate Insolvency Resolution Process (CIRP) by SBI against a corporate debtor for a financial assistance of ₹25.75 crore. The court's decision highlights the legal recourse available to banks to recover their dues. The ruling underscores the power of the Insolvency and Bankruptcy Code (IBC) in resolving corporate debt issues. This judgment is a significant development in the banking and insolvency sectors.
