https://www.taxtmi.com/caselaws?id=348809 The Supreme Court held that the fourteen-day period for the adjudicating authority to decide on admitting or rejecting an application under the Insolvency and Bankruptcy Code is directory, not mandatory. Additionally, the Court ruled that the seven-day period for rectifying defects in the application is also directory. Applicants can provide reasons for delays in rectifying defects, and the adjudicating authority has discretion in accepting or rejecting the application based on these reasons. The appeals were allowed, overturning the NCLAT's decision on the mandatory nature of the seven-day period. No costs were awarded. en-us Tue, 19 Sep 2017 00:00:00 +0530 Sat, 21 Dec 2019 12:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=348809 The Supreme Court held that the fourteen-day period for the adjudicating authority to decide on admitting or rejecting an application under the Insolvency and Bankruptcy Code is directory, not mandatory. Additionally, the Court ruled that the seven-day period for rectifying defects in the application is also directory. Applicants can provide reasons for delays in rectifying defects, and the adjudicating authority has discretion in accepting or rejecting the application based on these reasons. The appeals were allowed, overturning the NCLAT's decision on the mandatory nature of the seven-day period. No costs were awarded. Case-Laws Insolvency and Bankruptcy Tue, 19 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=348809