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1 - 10 of 17 (0.26 seconds)Article 14 in Constitution of India [Constitution]
The Companies Act, 1956
The Banking Regulation Act, 1949
Committee Of Creditors Of Essar Steel ... vs Satish Kumar Gupta on 15 November, 2019
21. The object of the IBC is the resolution of the insolvency of a Corporate
Debtor. Efforts of all stakeholders has to be towards resolution of
insolvency. There can be no dispute that the law mandates that CIRP
proceedings have to be concluded within 330 days. Hon'ble Supreme Court,
after noticing the above requirement of 330 days in Section 12, laid down in
(2020) 8 SCC 531 - Committee of Creditors of Essar Steel India Ltd. vs.
Satish Kumar Gupta and Ors. that normally as per law, insolvency
resolution process has to be completed within 330 days maximum, but in
exceptional cases, the period can be extended by Adjudicating Authority/
Appellate Tribunal. In paragraph 127 of the judgment, following has been
laid down: