Insolvency: Why pending winding-up cases are causing ambiguity in the Code

Issues came to light after Union Bank of India's application to initiate insolvency proceedings

Sayan Ghosal 

The Reserve Bank of India’s (RBI’s) direction to banks to commence insolvency proceedings against 12 big-ticket corporate defaulters (with a combined value of Rs  1,75,000 crore in non-performing assets) has raised concerns over the ability of the National Company Law Tribunal (NCLT) to begin the recovery process in the light of the existing winding-up cases pending against  some of these companies. The issue came to light after Union Bank of India’s recent application to initiate insolvency proceedings under Section 7 of the Insolvency and Bankruptcy ...

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