By Harini Subramani In a recent judgment, while upholding the legislative mandate for a time-bound completion of the insolvency resolution process under the Insolvency and Bankruptcy Code, 2016 (Code), the National Company Law Appellate Tribunal (NCLAT) has allowed some “free play in the joints”, by permitting the time spent to be excluded on matters which are beyond the control of parties. India’s overburdened judicial system and its tryst with timelines, has been an unhappy one. This begs the question, must the timeline for the completion of an insolvency resolution process under S.12 of the Code be cast in stone? The […]
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