Contempt Order Against Banks Invalid as Individual Contemnors Were Not Identified: NCLAT

State Bank of India Vs Jyoti Structures Limited (NCLAT Delhi) The National Company Law Appellate Tribunal (NCLAT) considered an appeal filed by lender banks against an order of the National Company Law Tribunal (NCLT), Mumbai, which had disposed of contempt applications filed by the corporate debtor and its shareholders. The NCLT had directed the banks to release rolled-over bank guarantee (BG) limits in terms of the approved resolution plan and ordered that failure to comply within one month would result in one day’s simple imprisonment in civil prison. The corporate debtor had entered the ...