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Insolvency and BankruptcySeptember 6, 2024Case LawsAT
The NCLT had directed the release of an industrial promotion subsidy claim amount to the Corporate Debtor, which was sanctioned prior to the commencement of CIRP. The NCLAT held that after CIRP initiation, all amounts payable to the Corporate Debtor must be paid to the Corporate Debtor's account, and disbursement should occur as per the approved Resolution Plan by the CoC. The NCLAT set aside the direction to pay the subsidy amount directly to the government authorities and instead ordered that the unpaid subsidy amount be paid to the Corporate Debtor within the time allowed by the Adjudicating Authority.
The NCLT had directed the release of an industrial promotion subsidy claim amount to the Corporate Debtor, which was sanctioned prior to the commencement of CIRP. The NCLAT held that after CIRP initiation, all amounts payable to the Corporate Debtor must be paid to the Corporate Debtor's account, and disbursement should occur as per the approved Resolution Plan by the CoC. The NCLAT set aside the direction to pay the subsidy amount directly to the government authorities and instead ordered that the unpaid subsidy amount be paid to the Corporate Debtor within the time allowed by the Adjudicating Authority.
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