Court Highlights Delays in Insolvency Cases Due to Rule 28 Non-Compliance; Stresses Timely Processing of Applications.

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....The Bombay High Court addressed non-compliance with Rule 28 of the NCLT Rules, 2016 regarding timely registration and disposal of applications u/s 94 and 95 of the Insolvency and Bankruptcy Code, 2016. It noted extreme delays in compliance with objections and in declining matters for non-compliance, leading to unreasonable continuance of interim moratorium against personal guarantors. Applications were declined after significant delays, indicating prolonged moratorium periods. The court emphasized the importance of timely compliance with rules and dismissed the petition, highlighting the need to follow due process for refiled applications.....