IBC Provision not Mandates Treatment of Related Party at Par with unrelated Party: NCLAT upholds NCLT Order [Read Order]

It was held that the Committee of Creditors and Adjudicating Authority were well within their rights not to treat a related party unsecured creditor on par with secured financial creditors
By Yogitha S. Yogesh - On June 8, 2024 2:54 pm - 2 mins read
NCLAT - NCLAT upholds NCLT order - Insolvency Bankruptcy Code - NCLT order - taxscan

The National Company Law Appellate Tribunal, Principal Bench while upholding the National Company Law Tribunal ( NCLT ) has held that the Insolvency Bankruptcy Code ( IBC ), 2016 does not provide Mandate treatment of the related party at par with an unrelated party. Jayant Kumar Panja, ex-employee of Fort Gloster Industries Limited (“Corporate Debtor”)…

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