The Supreme Court has expressed concern over the National Company Law Tribunal (NCLT) in a pending case where approval of resolution plans has been stalled for over two years.
The bench of Justice JB Pardiwala and Justice KV Viswanathan issued direction to the Principal Bench of NCLT, New Delhi and the Insolvency and Bankruptcy Board of India (IBBI) to furnish the details of pending approval applications with their reasons for delay and state the underlying factors leading to the non-disposal of these applications.
The matter originated from the insolvency proceedings where the Resolution Professional rejected a IIFL Rs 85 crore claim in 2020 which was later allowed by the NCLT in…