NCLT Rules Electricity as “Essential Supply” u/s 14(2) IBC, Bars Disconnection for Non-Payment of Pre-CIRP Dues by Hotel [Read Order]

The National Company Law Tribunal has ruled that electricity is an essential supply under section 14(2) of the Insolvency and Bankruptcy Code,2016, and it has also barred the disconnection of electricity for the non-payment of pre-Corporate Insolvency Resolution Process (CIRP) dues. The Financial Creditor, Punjab National Bank, had initiated CIRP against Garib Nawaz Hotels, the…

What does going into administration mean for a business?

Since Covid, many big businesses across the UK have been affected financially with some closing down. But before any closures, businesses enter administration, followed by restructuring the business, selling off assets, or even liquidating. Here’s all you need to know about administration and how businesses end up falling into it. What does going into administration…