India, July 4 -- The National Company Law Tribunal (NCLT) has reserved its order on a petition seeking liquidation of Sapphire Land Development, triggering debate in insolvency circles over whether a company can be liquidated without completing a mandatory procedural requirement under the Insolvency and Bankruptcy Code (IBC).

The case has spotlighted a critical gap in the Corporate Insolvency Resolution Process (CIRP): the non-publication of Form G, the official invitation for Expressions of Interest (EOIs) from prospective resolution applicants. During the hearing, the Resolution Professional informed the tribunal that the statutory CIRP timeline had expired.

Form G was never published because the Committee of Creditors (CoC) did not a...