Supreme Court limits lookback period for related party transactions under IBC to 2 years, non-related parties 1 year.

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....The Supreme Court held that the lookback period for related party transactions u/s 43 of the Insolvency and Bankruptcy Code (IBC) is two years before the insolvency commencement date, while for non-related parties, it is one year. If the outstanding amount pertains to a period beyond two years prior to the CIRP commencement date for a related party transaction, relief u/s 43 of the IBC would not be available. However, alternative actions, including u/s 66 of the IBC, may be pursued. The NCLAT order was set aside, and the appeal was disposed of accordingly.....