MCA defends IBC amendments, sticks to strict deadlines in Supreme Court

The Ministry of Corporate Affairs (MCA) has defended all the amendments made to the Insolvency and Bankruptcy Code (IBC) in a submission made to the Supreme Court (SC). One of the most contentious issues is related to 330-day deadline set for resolution of insolvency applications, including the time taken for litigation, which has been challenged by operational creditors.
 
The MCA has told the apex court that processes of corporate insolvency resolution are time-bound and if it does not adhere to the time-limit then the viability of the process is over.
 
“It is a must that the process be