Resolution Process Has To Be Completed Within The Period Stipulated U/SEC 12 IBC : Supreme Court

KEY TAKEAWAYS

• The Supreme Court said that the whole resolution process must be finished inside the period specified under Section 12 of the Insolvency and Bankruptcy Code.

DETAILS

• Name of the case : Committee of Creditors of Amtek Auto Limited through Corporation Bank vs Dinkar T. Venkatsubramanian.
• The court was taking into consideration an appeal recorded by the Committee of Creditors regarding corporate indebtedness goal process started against Amtek Auto Limited.
• The bench also observed that, in this, as far as possible has been supported considering the different suits forthcoming between the parties and in the unconventional facts and conditions of the case.

QUESTIONS

• Do you agree with the decision of the Supreme Court ?
• Explain Section 12 IBC.

Share your views in the comments section below.