IBC: SC lays down guidelines in an attempt to speed up resolution process

Another important point that the order makes is that the NCLT alone has the jurisdiction when it comes to applications and proceedings by or against a corporate debtor covered by the code

The Supreme Court has set out how the corporate insolvency resolution process would work from inception while hearing the Essar Steel case, primarily with the objective of timely completion as cases are getting piled up at the tribunals. 

Most of the big-ticket cases — Essar Steel, Bhushan Power & Steel, Binani Cement — have tripped on their original 270-day deadline. The 270-day period is the extended timeline for resolution professionals (RPs) to file a plan.

According to the Insolvency and Bankruptcy Code (IBC), 2016, the tribunals have a limited role but the rising number of litigations has increased its importance.