In a recent ruling, the Bombay High Court has pulled up the National Company Law Tribunal (NCLT), Mumbai, for prolonged inaction on a seven‑year‑old ₹167 Cr insolvency petition filed by JM Financial Asset Reconstruction Company Ltd., observing that delays in pronouncing reserved orders defeat the Insolvency and Bankruptcy Code’s mandate of time‑bound resolution.
The petition, originally filed in 2019 against the corporate debtor, concerns an outstanding default of about ₹167 crore dating back to 2008. Despite being heard and reserved for orders twice, first on 17 July 2023 and again on 19 December 2023, the matter remained undecided for over two years.
For the petitioner,…