https://www.taxtmi.com/caselaws?id=775989 Regulation 2B of the IBBI (Liquidation Process) Regulations, 2016 was held to be directory, not mandatory, when read with Section 230 of the Companies Act, 2013. The provision is an enabling mechanism to facilitate a compromise or arrangement during liquidation, and liquidation remains a last resort under the Insolvency and Bankruptcy Code, 2016. Where a scheme is approved or substantially approved, revival remains feasible, and no express prohibition bars further extension, additional time may be granted. Earlier extensions do not, by themselves, prevent fresh consideration of extension on the facts. The refusal to grant further time was therefore unsustainable. en-us Fri, 01 Aug 2025 00:00:00 +0530 Mon, 04 Aug 2025 08:28:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775989 Regulation 2B of the IBBI (Liquidation Process) Regulations, 2016 was held to be directory, not mandatory, when read with Section 230 of the Companies Act, 2013. The provision is an enabling mechanism to facilitate a compromise or arrangement during liquidation, and liquidation remains a last resort under the Insolvency and Bankruptcy Code, 2016. Where a scheme is approved or substantially approved, revival remains feasible, and no express prohibition bars further extension, additional time may be granted. Earlier extensions do not, by themselves, prevent fresh consideration of extension on the facts. The refusal to grant further time was therefore unsustainable. Case-Laws IBC Fri, 01 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775989