NCLT Jails Directors for Obstructing Hotel Horizon Insolvency

The National Company Law Tribunal (NCLT) in Mumbai has found two directors of a hotel company, Hotel Horizon Private Limited, guilty of civil contempt.

The directors, Sagar Sharma and Vishal Sharma, were sentenced to one week in jail because they did not follow the tribunal's orders and did not cooperate with the process to resolve the company's financial problems.

The tribunal said the directors did not hand over important documents and properties, which delayed the process.

They have been given 30 days to hand over all assets and properties to the person in charge of resolving the company's issues.

If they do not comply, they will have to go to jail.

The tribunal also mentioned that the directors had earlier been fined for trying to delay the proceedings.