IBC process: Delays put role of adjudicating authorities in spotlight

Litigations have been a drag on the 270-day deadline for resolution under the Insolvency and Bankruptcy Code

Last week, the Supreme Court observed that the role of adjudicating authorities came only after a resolution plan is finalised and said that they were not a supervisory authority to see what is happening, who was invited and who is not. 

The court’s observations came during the course of hearing of an application by ArcelorMittal challenging an order passed by the National Company Law Appellate Tribunal (NCLAT) directing it to pay dues on account of defaulting firms — Uttam Galva Steels and KSS Petron — to become eligible to bid for Essar Steel. 

The SC’s observations came within days of former RBI