https://www.taxtmi.com/caselaws?id=376960 The Supreme Court held three companies in contempt for failing to make a payment of Rs. 550 Crores to an operational creditor, imposing a fine of Rs. 1 Crore per company and potential imprisonment for the Chairmen. The Court extended the payment deadline and allowed the companies to purge contempt by paying Rs. 453 Crores within four weeks. The Appellate Tribunal emphasized compliance with the Supreme Court's order independently, not linked to asset sales by the Joint Lenders Forum. Non-JLF lenders argued against being bound by settlement terms, citing precedence for secured creditor rights. The Tribunal highlighted honoring settlements independently and dismissed interim orders, directing parties to update on developments for further consideration. en-us Fri, 15 Mar 2019 00:00:00 +0530 Tue, 19 Mar 2019 10:15:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376960 The Supreme Court held three companies in contempt for failing to make a payment of Rs. 550 Crores to an operational creditor, imposing a fine of Rs. 1 Crore per company and potential imprisonment for the Chairmen. The Court extended the payment deadline and allowed the companies to purge contempt by paying Rs. 453 Crores within four weeks. The Appellate Tribunal emphasized compliance with the Supreme Court's order independently, not linked to asset sales by the Joint Lenders Forum. Non-JLF lenders argued against being bound by settlement terms, citing precedence for secured creditor rights. The Tribunal highlighted honoring settlements independently and dismissed interim orders, directing parties to update on developments for further consideration. Case-Laws Insolvency and Bankruptcy Fri, 15 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376960