Luckyraj Indorkar
Its been less than two years that the Insolvency and Bankruptcy Code, 2016 (IBC) came into force. National Company Law Tribunal (NCLT) which acts as adjudicating authority and Insolvency Resolution Professional (IRP) appointed under the code are bound by timelines to dispose of an application for corporate insolvency process.
Initially, the parties and lawyers were struggling with several interpretations of provisions of IBC by respective NCLT benches. However, with time there is much clarity and uniformity on the interpretation of its provision which I have attempted to highlight in the present article. The most frequent interpretation faced by the NCLT benches can be broadly categorized as follows:
