The Supreme Court has held that any delay in arriving at the conclusion that the company is to be liquidated is detrimental to a Company, especially when the Company has long awaited timely and positive action from the successful resolution applicant as regards the implementation of the approved resolution plan.
The court added that liquidation should be the last resort and that delay in arriving at this decision does not have the effect of hampering the realizations that can be made through liquidation. “This judgment serves as a clarion call for all stakeholders in the insolvency ecosystem to align their actions with the IBC’s goals, fostering…
