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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Pooling Of Debt By Multiple Operational Creditors Is Prohibited U/S 9 Of IBC: NCLT New Delhi
Insolvency & Bankruptcy CodeOther Legal Matters
The NCLT New Delhi has ruled that "pooling of debt by multiple operational creditors is prohibited" under Section 9 of the IBC. The tribunal's decision clarifies a key procedural aspect of the IBC. The ruling reinforces the principle that a person cannot take on a debt from another person. The court's decision is a crucial reminder to all businesses that they must be diligent in their dealings.
