https://www.taxtmi.com/caselaws?id=305434 The court granted an extension of 90 days for the Corporate Insolvency Resolution Process (CIRP) for a corporate debtor, starting from 02.10.2018. The extension was approved by the Committee of Creditors (CoC) due to reasons such as the need for potential resolution applicants to conduct meaningful diligence and the impact of a recent transporters' strike on the supply of key raw materials. The judgment emphasized the importance of timely resolution for maximizing asset value and promoting entrepreneurship. It criticized the practice of inviting expressions of interest before accepting resolution plans and declared certain regulations as ultra vires, directing the Insolvency and Bankruptcy Board of India (IBBI) to frame regulations in compliance. en-us Wed, 05 Sep 2018 00:00:00 +0530 Sun, 04 Dec 2022 18:20:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305434 The court granted an extension of 90 days for the Corporate Insolvency Resolution Process (CIRP) for a corporate debtor, starting from 02.10.2018. The extension was approved by the Committee of Creditors (CoC) due to reasons such as the need for potential resolution applicants to conduct meaningful diligence and the impact of a recent transporters' strike on the supply of key raw materials. The judgment emphasized the importance of timely resolution for maximizing asset value and promoting entrepreneurship. It criticized the practice of inviting expressions of interest before accepting resolution plans and declared certain regulations as ultra vires, directing the Insolvency and Bankruptcy Board of India (IBBI) to frame regulations in compliance. Case-Laws Insolvency and Bankruptcy Wed, 05 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305434