Hindusthan National Glass & Industries Ltd’s corporate insolvency resolution process (CIRP) has emerged as one of the most prolonged and controversial episodes in the history of the country’s Insolvency and Bankruptcy Code (IBC), which came into existence in 2016 to offer a consolidated and time-bound process for the resolution of insolvency and bankruptcy cases.
Initiated on October 21, 2021, upon the application of DBS Bank under Section 7 of the IBC, the process has long overshot its statutory limit of 330 days. Nearly four years later, the case continues to languish in litigation, exposing serious weaknesses in the IBC’s implementation, the accountability of insolvency professionals, and the oversight mechanisms of regulators…