Easing of IBC deadline to serve interests of public, debtor: MCA secretary

The Supreme Court has relaxed the 330-day timeline for resolving stressed assets

The Ministry of Corporate Affairs has found comfort in the fact that the Supreme Court has not struck down the 330-day timeframe for completing the insolvency resolution process, but has simply done away with the “mandatory” clause for following the deadline.  

“We respect the SC verdict. If there are extraordinary circumstances and it is in the interests of the corporate debtor and public, then the adjudicating authority can take some more time,” Injeti Srinivas, corporate affairs secretary, told Business Standard. The government, in the Budget session of Parliament, had passed several amendments to the Insolvency and Bankruptcy Code (IBC). That