Supreme Court orders NCLT to expedite resolution plan approval, stresses Insolvency and Bankruptcy Code time limits.

The Supreme Court directed the National Company Law Tribunal (NCLT) to expedite the hearing of an application for approval of a resolution plan within two months from the date of the order, emphasizing compliance with time limits set by the Insolvency and Bankruptcy Code. This directive followed delays in the NCLT's proceedings and the transfer of a Bench member to another location, leading to an adjournment. The Supreme Court disposed of the Miscellaneous Application accordingly.

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Issues involved: Delays in hearing the application for approval of the resolution plan by the National Company Law Tribunal (NCLT) and the transfer of a member of the Bench to another location.

Judgment Summary:

1. The Supreme Court noted that after a previous judgment, the NCLT had taken 35 days to hear the application for approval of the resolution plan, but final orders were still pending.

2. The proceedings on 7 August 2023 were adjourned to 29 August 2023 due to a member of the Bench being transferred to the NCLT at Chandigarh.

3. Emphasizing the time limits set by the Insolvency and Bankruptcy Code, the Supreme Court directed the NCLT to dispose of the application for approval of the resolution plan expeditiously, within two months from the date of the order, and report compliance to the Court.

4. The Supreme Court disposed of the Miscellaneous Application accordingly.

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