India continues to see the emergence of boutique law firms and independent practitioners, with lawyers from Khaitan & Co, Economic Laws Practice, Dhir & Dhir and Naik Naik exiting to launch their own ventures.
The ruling clarifies that the interim moratorium begins when the application is duly numbered by the tribunal, the Kerala High Court said. This order, along with the recent Supreme Court ruling on personal guarantees, would help creditors to exercise their rights.
"We are of the considered view that the operational creditor has been able to establish the existence of an operational debt and its default having been committed by the corporate debtor," said a division bench of judicial member Kuldip Kumar Kareer and technical member Anuradha Sanjay Bhatia. "The application is also within time. Therefore, the application deserves to be admitted."