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.
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.
The Pratap Co-Operative Bank Ltd, which has recorded net zero NPAs for over 10 consecutive years, has bagged this year’s Best Bank Award instituted by the BrihanMumbai Cooperative Banks’ Association, it was announced on Saturday.
The Pratap Co-Operative Bank Ltd, which has recorded net zero NPAs for over 10 consecutive years, has bagged this year's Best Bank Award instituted by the BrihanMumbai Cooperative Banks' Association, it was announced on Saturday.The .