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High Court Upholds Regulation 36A of IBC, Confirms NCLT Can't Declare It Ultra Vires for Slower Resolution.

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....Constitutional validity - Regulation 36A of IBC - splitting of the CIRP into inviting expression of interest and then seeking resolution plans - Since Regulation 36A has been amended and passed in accordance with law by the IBBI, the NCLT did not have the power to declare the same as being ultra vires merely on the ground that the two stage process provided in it i.e., of inviting an expression of interest first and then the financial bids, would be contrary to the speedier resolution of the Insolvency Resolution Process - HC....

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High Court Upholds Regulation 36A of IBC, Confirms NCLT Can't Declare It Ultra Vires for Slower Resolution.