The ruling is expected to set a precedent for promoters of bankrupt companies who are facing proceedings under the Insolvency and Bankruptcy Code (IBC), being joint personal guarantors or having common assets. The National Company Law Tribunal (NCLT) while approving the repayment plan, also observed that the creditors shall withdraw all the legal proceedings before various fora against the debtor within one month of the fulfilment of repayment obligations.
The application by the political party claimed that the CAA Rules notified creates a “highly truncated and fast-tracked process” for the grant of citizenships to non-Muslim migrants | Latest News India
Centre avoided stay of CAA five years ago saying rules had not been framed, says IUML plea in SC thehindu.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindu.com Daily Mail and Mail on Sunday newspapers.
Lawyers believe mediation will reduce burden on NCLTs, resolve disputes between operational creditors and defaulting companies faster, especially benefiting manufacturing and real estate sectors. An expert committee recommended voluntary mediation framework under IBC, settling 26,000 applications with Rs 9.33 lakh crore debt before admission at NCLT.