Year 2016 marked the inception of The Insolvency and Bankruptcy Code, 2016 (Code) of India. The Regulation coming into existence with an aim to revitalise and resolve the sick companies and bring it back to a better financial condition, has gained a lot of recognition in the present market condition. Among other features, one of the important feature of the Code is its time bound resolution process whereby it focuses on resurrecting the sick companies within a period of 180 days and a one-time extended period of 90 days to avoid the upheaval of a never-ending litigation. This article tries to bring out the reasons for which the resolution professionals seek extension of the resolution process from the Honble Tribunal (Tribunal).
Why exten…
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