The entire resolution process has to be completed within the period stipulated under Section 12 of the I&B Code, 2016 ("Code"), being 330 days, and any deviation would defeat the object and purpose of providing such time limit.
This has been held by the Hon'ble Supreme Court of India vide its judgment dated 1st December 2021 in the matter ofCoC of Amtek Auto Ltd. through Corporation Bank vs. Dinkar T. Venkatsubramanian & Ors.
The Court further observed that the approved resolution plan has to be implemented at the earliest and that is the mandate under the Code. Whilst passing a stern direction to the parties, the Court also opined that any lapse in the implementation of the approved resolution plan within a specific timeline shall be viewed very seriously.
https://main.sci.gov.in/supremecourt/2019/30838/30838_2019_13_1501_31708_Judgement_01-Dec-2021.pdf
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