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The NCLAT allowed the appeal and granted the extension of time for completing and operationalising the scheme of arrangement under Section 230 of the Companies Act, 2013, notwithstanding the non-compliance with the 90-day period prescribed under Regulation 2(B) of the IBBI (Liquidation Process) Regulations, 2016. The Tribunal held that the regulation is directory, not mandatory, and there is no statutory bar to extending the timeframe for enforcement of the scheme. The decision to grant extensions lies within the commercial wisdom of the parties and the judicial discretion of the adjudicating authority. The impugned order denying extension solely due to prior delays and alleged conduct of the Liquidator was unsustainable. Since the scheme was approved by the requisite majority of the Stakeholders Consultation Committee and aligned with the objectives of the Code, the extension was warranted to facilitate the scheme's effective implementation and avoid protracted litigation.
The NCLAT allowed the appeal and granted the extension of time for completing and operationalising the scheme of arrangement under Section 230 of the Companies Act, 2013, notwithstanding the non-compliance with the 90-day period prescribed under Regulation 2(B) of the IBBI (Liquidation Process) Regulations, 2016. The Tribunal held that the regulation is directory, not mandatory, and there is no statutory bar to extending the timeframe for enforcement of the scheme. The decision to grant extensions lies within the commercial wisdom of the parties and the judicial discretion of the adjudicating authority. The impugned order denying extension solely due to prior delays and alleged conduct of the Liquidator was unsustainable. Since the scheme was approved by the requisite majority of the Stakeholders Consultation Committee and aligned with the objectives of the Code, the extension was warranted to facilitate the scheme's effective implementation and avoid protracted litigation.
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