Thread by @barandbench

[Judgment]

Justice DY Chandrachud: You cannot withdraw from a resolution plan after it has been submitted for adjudication. {Ebix Singapore Vs Committee of Creditors of Educomp }

#SupremeCourt #IBCCode

Justice DY Chandrachud: Judicial delay was the reason why the earlier insolvency regime failed and we cannot let the same happen with the current insolvency regime which came to being after the Insolvency and Bankruptcy Code.

#SupremeCourt #IBCCode

Justice DY Chandrachud: Once the Committee of Creditors submits a resolution plan for stressed assets under #IBCCode, it cannot be modified or withdrawn by resolution applicant #supremecourt

Justice DY Chandrachud: The 330 days deadline for resolution plan has to be followed. NCLT and NCLAT must decide IBC matter respecting the deadlines provided by the legislature
#supremecourt #IBCCode #judgment

[IBC] CIRP has to be completed in 330 days; NCLT, NCLAT must comply with deadlines: Supreme Court

report by @DebayonRoy

#ibc #SupremeCourt

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