The National Company Law Appellate Tribunal’s (NCLAT) recent decision upholding the liquidation of Independent TV Ltd. marks a significant reaffirmation of one of the Insolvency and Bankruptcy Code’s (IBC) core principles time-bound resolution. In dismissing Reliance Realty Ltd.’s appeal and directing that liquidation be completed “in the shortest possible time,” the NCLAT has sent a strong signal to stakeholders: liquidation is not to be stalled by belated claims or procedural manoeuvres.
Background: From Lease to Liquidation
The dispute traces back to 2017, when Reliance Realty leased a portion of its Dhirubhai Ambani Knowledge City (DAKC) premises to Independent TV for operating its direct-to-home (DTH) services. Payments…