NCLAT ruled that CIRP claims must be backed by valid documents and timely submitted, and agreements by disqualified directors or sister concerns lacking privity are unenforceable, thereby upholding the sanctity of the resolution plan.

The Supreme Court ruled that under Section 17(5) of the SARFAESI Act, DRTs must dispose of securitisation applications within sixty days, extendable to four months with recorded reasons, and directed strict compliance with the statutory timeline.

The NCLAT, New Delhi, held that once the CIRP period expires without an approved resolution plan, the Resolution Professional is empowered to file for liquidation with the Committee of Creditors’ consent, and the CoC’s commercial wisdom—including abstention from voting—remains beyond judicial review under the IBC framework.

RBI’s 15-day banking rule mandates all banks to process key requests and claim settlements within 15 calendar days, strengthening transparency, accountability, and customer trust.

NCLAT held that Section 14 of the Limitation Act cannot be applied to extend limitation for a Section 7 IBC application where prior DRT proceedings were validly instituted, rendering such applications time-barred.