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 directs Liquidation u/s 33 of IBC in absence of Resolution Plan even after Extending Time Period
Insolvency & Bankruptcy CodeWinding Up & Liquidation
The NCLT has directed "liquidation under Section 33 of the IBC" in the "absence of a resolution plan," even after extending the time period. The tribunal's decision provides a significant victory for the financial creditors. The ruling clarifies that a company can be liquidated if it is not able to repay its debts.
