Case Law Analysis
|National Company Law Appellate Tribunal
Section 31(4) IBC | One-Year Deadline for Regulatory Approvals Mandatory; Failure Triggers Liquidation : NCLAT
NCLAT upholds liquidation of a corporate debtor after the resolution applicant failed to secure RBI approvals within the one-year deadline under Section 31(4) of the Insolvency and Bankruptcy Code. The ruling reinforces strict compliance with regulatory timelines, impacting insolvency practitioners and creditors in CIRP proceedings.