Insolvency proceedings' deadline problem

The Bankruptcy Law Reforms Committee had spent considerable time on the timelines to be prescribed for various steps under the insolvency/bankruptcy proceedings

The Insolvency and Bankruptcy Code, 2016, prescribes time limits for the corporate insolvency resolution process, or CIRP, and for each task in the process, starting from initiation till closure. It facilitates, incentivises and empowers the ecosystem to close the process expeditiously. An early resolution increases the likelihood of a company being revived and, in turn, of productive assets being turned around quickly. In the words of the Supreme Court, time is the essence of the Code (Surendra Trading Company), indefinite delay defeats its object (Kridhan Infrastructure Pvt Ltd) and the time prescribed for CIRP is mandatory (Arcelor Mittal India Pvt