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IBC - Highlights / Catch Notes

Home Highlights March 2024 Year 2024 This

Initiation of CIRP - Failure to make deposits the entire OTS ...

Insolvency and Bankruptcy

March 20, 2024

Initiation of CIRP - Failure to make deposits the entire OTS amount - In the interests of justice, the Tribunal directed the appellants and the investor to deposit the agreed amounts within ten days before the National Company Law Tribunal (NCLT) by way of Fixed Deposit Receipts (FDRs) in favor of the NCLT Registrar. It clarified that the Adjudicating Authority would decide on the Section 7 application based on these deposits.

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