Insolvency resolution process has time limits

Insolvency resolution process has time limits

The Supreme Court, in the matter of Committee of Creditors of Amtek Auto Limited through Corporation Bank v Dinkar T Venkatsubramanian, observed that the entire resolution process had to be completed within the period stipulated under section 12 of the Insolvency and Bankruptcy Code, 2016 (IBC).

The bench, comprising justices MR Shah and Sanjiv Khanna, was considering an appeal filed by the committee of creditors in the corporate insolvency resolution process initiated against Amtek Auto.

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The dispute digest is compiled by Numen Law Offices, a multidisciplinary law firm based in New Delhi & Mumbai. The authors can be contacted at Readers should not act on the basis of this information without seeking professional legal advice.