Approval Of Resolution Plan Containing Clause Which Permits Creditors To Take Recourse Against Guarantees Cannot Be Interfered With: NCLAT

Liquidation

The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member) and Mr. Barun Mitra (Technical Member) has held that approval of a resolution plan containing a clause that creditors can take appropriate actions in relation to corporate/personal guarantee cannot be interfered with. Brief Facts: State Bank of India filed…

Listed Gateshead firm Zytronic to wind down

Liquidation

ManufacturingDeals Listed Gateshead firm Zytronic is to wind down operations after considering several options including solvent liquidation or a sale following a strategic review. A manufacturer of touch overlay sensors for interactive displays dating back to the 1940s, Zytronic employs more than 100 people. It appointed a new chair in 2023 in a bid to…

Bankruptcy, insolvency & corporate restructuring | Deloitte | Legal Services | Solutions

Liquidation

The global financial crisis has pushed many businesses into a state of instability. When companies are struggling with difficult choices, Deloitte Legal can assist with suggesting options to help recovery, such as restructuring outside of insolvency proceedings, a structured sale or provide assistance with judicial insolvency proceedings. We work with companies in distress as well…

Case Digest on Rulings of NCLT under IBC

Liquidation

The National Company Law Tribunal (NCLT) serves as the adjudicating authority for corporate insolvency resolution processes, liquidation and corporate debt restructuring under the IBC. The Insolvency and Bankruptcy Code, 2016 (IBC) was enacted to streamline corporate insolvency resolution, liquidation, and debt restructuring, while ensuring a time-bound process that adequately balances the interests of creditors and…