Insight
‘Can Delayed Implementation Sink a Resolution Plan? Navigating Payment Timelines in Resolution Plan Implementation’, published on Lexology
Partner, Nakul Sachdeva and Senior Associate, Sagar Arora have recently authored an article titled, ‘Can Delayed Implementation Sink a Resolution Plan? Navigating Payment Timelines in Resolution Plan Implementation’.…
The successful implementation of a resolution plan is the cornerstone of the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. While plan approval by the Adjudicating Authority marks a significant milestone, it is the timely and effective execution- particularly adherence to payment timelines, that determines its real success.
This article explores whether a delay in implementing the resolution plan necessarily results in its failure, or if the National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) possess the discretion to extend timelines. By examining key judicial pronouncements and regulatory provisions, the article provides insight into how courts have navigated the tension between procedural rigidity and commercial pragmatism in granting such extensions.
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