The Supreme Court has set out how the corporate insolvency resolution process would work from inception while hearing the Essar Steel case, primarily with the objective of timely completion as cases are getting piled up at the tribunals. Most of the big-ticket cases — Essar Steel, Bhushan Power & Steel, Binani Cement — have tripped on their original 270-day deadline.
The 270-day period is the extended timeline for resolution professionals (RPs) to file a plan. According to the Insolvency and Bankruptcy Code (IBC), 2016, the tribunals have a limited role but the ...
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