Articles 18th Sep 2024
In a recent judgement in the case of V.S. Palanivel v. P. Sriram, CS, Liquidator of Sri Lakshmi Hotels Pvt. Ltd., the Supreme Court of India provided key insights into the mandatory timelines and liquidator’s discretion under the Insolvency and Bankruptcy Code, 2016 (IBC). The ruling focused on critical aspects such as the auction process, adherence to the 90-day deadline for payment of sale consideration, and the liquidator’s powers during liquidation proceedings. This case also brought into focus the impact of unforeseen circumstances, like the COVID-19 pandemic, on legal timelines and the flexibility permitted under the IBBI Regulations.
Against this backdrop, our Senior Counsel Mukesh Chand have authored an article “Mandatory Timelines And Liquidator’s Discretion Under IBC: Analysing The Supreme Court’s Ruling In V.S. Palanivel v. P. Sriram, CS, Liquidator” published on Mondaq. The article analysis the issue and its jurisprudence.
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