Case Law Analysis
|National Company Law Appellate Tribunal
Bankruptcy Travel Permission | 'Parallel Run' Clause Must Align with Contractual Validity Period : NCLAT
NCLAT rules that a bankrupt's travel permission under insolvency proceedings cannot be granted based on a lapsed purchase order, clarifying that 'parallel run' clauses require concurrent validity of contractual obligations. This sets a precedent for interpreting travel restrictions tied to active business engagements during personal insolvency.