IBC: 12 NPA cases put a question mark on sanctity of 270-day deadline

For 11 out of the 12 cases, the stipulated deadline within which the approved resolution plan has to be filed with the NCLT is over

The preamble of the Insolvency and Bankruptcy Code (IBC) describes the basic functions as: “...to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of the value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders...”

As the 12 big ticket cases on the Reserve Bank of India’s (RBI’s) first list of non-performing assets are flit in and out of the tribunals, the adjudicating authority appears to be pointing to the spirit of the