New Delhi, April 20 -- The Supreme Court on Monday expressed concern over prolonged delays in approval of resolution plans by the National Company Law Tribunal (NCLT). It directed both the NCLT principal bench, New Delhi, and the Insolvency and Bankruptcy Board of India (IBBI) to furnish comprehensive nationwide data on pending approval applications and reasons for such delays.
The court was hearing a dispute arising from insolvency proceedings, in which IIFL's Rs 85 crore claim was initially rejected by the Resolution Professional in 2020, later allowed by the National Company Law Tribunal, and, in 2023, upheld by the National Company Law Appellate Tribunal, prompting appeals before the Supreme Court.
A bench of Justices JB Pardiwala and...