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Analyzing NCLAT’s Affirmation in Damodar Valley Corporation v. Mackeil Ispat and Forging Limited: A Win for the Clean Slate Doctrine or a Legal Dilemma?
A regulatory shift is needed. ‘Super-priority utility claims’ would introduce vital services protection, and balance would be maintained through a tiered debt resolution system. A non-retroactivity clause can protect resolution applicants from post settlement litigation. Moreover, a strategically funded PCLF would guard against unforeseen claims and improve CIRP performance.
Suryansh Jaiswal, Yash Sharan
May 246 min read
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