The Bombay High Court addressed non-compliance with Rule 28 of ...

Bombay High Court emphasizes timely compliance with NCLT Rules for CIRP applications u/s 94 and 95 of IBC. Extreme delays in processing and non-compliance addressed.

Case Laws Insolvency and Bankruptcy

May 22, 2024

The Bombay High Court addressed non-compliance with Rule 28 of the NCLT Rules, 2016 regarding timely registration and disposal of applications u/s 94 and 95 of the Insolvency and Bankruptcy Code, 2016. It noted extreme delays in compliance with objections and in declining matters for non-compliance, leading to unreasonable continuance of interim moratorium against personal guarantors. Applications were declined after significant delays, indicating prolonged moratorium periods. The court emphasized the importance of timely compliance with rules and dismissed the petition, highlighting the need to follow due process for refiled applications.

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The Bombay High Court addressed non-compliance with Rule 28 of ...

Bombay High Court emphasizes timely compliance with NCLT Rules for CIRP applications u/s 94 and 95 of IBC. Extreme delays in processing and non-compliance addressed.

Case Laws Insolvency and Bankruptcy

May 22, 2024

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