The National Company Law Tribunal (NCLT) at Mumbai has recently stressed that stakeholders must act within statutory timelines during a corporate insolvency resolution process, dismissing six applications filed by former employees of Indo Global Soft Solutions and Technologies Private Limited after finding that their claims had been submitted 18 months after the last date prescribed for filing claims under the Insolvency and Bankruptcy Code
A Bench of Judicial Member K R Saji Kumar and Technical Member Anil Raj Chellan stressed the need for creditors to be vigilant under the Code, stating, “Every stakeholder is required to be vigilant in asserting their rights within the timeframe as provided by or under the IBC.”
Rejecting the…