Successful Resolution Applicants Are Bound to Implement Resolution Plan Within Statutory Timelines or Face Consequences

Analysis of TAGUDA PTE LTD V. STATE BANK OF INDIA & ANR.

Hardeep Sachdeva, Abhyudai Singh, Swati Sharma & Damini Sinha

The Insolvency and Bankruptcy Code, 2016 (“IBC“) establishes a comprehensive time-bound legislative framework, which has substantially transformed the resolution of financial distress by streamlining insolvency/ reorganization procedures, prioritising the maximisation of asset value and preserving the corporate debtor’s business as a going concern. An essential feature of the IBC framework is the approval and implementation mechanism of resolution plans aimed at…