https://www.taxtmi.com/caselaws?id=355025 The National Company Law Tribunal (NCLT) rejected the application under Section 9 of the Insolvency & Bankruptcy Code against Tayo Rolls Ltd. The NCLT found the petition not maintainable as Shri Suresh Narayan Singh, representing workers, was not considered an operational creditor due to the absence of debt assignment. Additionally, the NCLT emphasized that joint applications by operational creditors are not permissible under Sections 8 and 9 of the Code, following the precedent set in the case of Uttam Galva Steels Ltd. The Ministry of Corporate Affairs was informed of the decision. en-us Wed, 03 Jan 2018 00:00:00 +0530 Thu, 08 Feb 2018 07:51:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=355025 The National Company Law Tribunal (NCLT) rejected the application under Section 9 of the Insolvency & Bankruptcy Code against Tayo Rolls Ltd. The NCLT found the petition not maintainable as Shri Suresh Narayan Singh, representing workers, was not considered an operational creditor due to the absence of debt assignment. Additionally, the NCLT emphasized that joint applications by operational creditors are not permissible under Sections 8 and 9 of the Code, following the precedent set in the case of Uttam Galva Steels Ltd. The Ministry of Corporate Affairs was informed of the decision. Case-Laws Insolvency and Bankruptcy Wed, 03 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=355025