https://www.taxtmi.com/caselaws?id=399373 The NCLT directed BPCL to invoke Bank Guarantees and hold the proceeds in a fixed deposit, recognizing the interconnectedness of the Corporate Debtor and its parent company. By lifting the corporate veil, the Tribunal treated the parent company's assets as those of the Debtor, facilitating creditor claims settlement under the CIRP. The Tribunal upheld the IBC moratorium, prohibiting proceedings against the Debtor, and affirmed its jurisdiction to enforce these measures, ensuring justice and equity in insolvency proceedings. en-us Mon, 20 Apr 2020 00:00:00 +0530 Fri, 08 Nov 2024 12:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399373 The NCLT directed BPCL to invoke Bank Guarantees and hold the proceeds in a fixed deposit, recognizing the interconnectedness of the Corporate Debtor and its parent company. By lifting the corporate veil, the Tribunal treated the parent company's assets as those of the Debtor, facilitating creditor claims settlement under the CIRP. The Tribunal upheld the IBC moratorium, prohibiting proceedings against the Debtor, and affirmed its jurisdiction to enforce these measures, ensuring justice and equity in insolvency proceedings. Case-Laws IBC Mon, 20 Apr 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399373