NCLT Rules on Delay Condonation for Bankruptcy Applications Under IBC
Key Legal Development: A significant case has emerged regarding the condonation of delay in filing bankruptcy applications under Section 121 of the Insolvency and Bankruptcy Code, 2016, providing clarity on timing requirements and procedural aspects.
Case Background
Kerala Financial Corporation sought condonation of a 266-day delay in filing bankruptcy proceedings against Dr. Bharath Chandran and Dr. Ashalatha Nair, personal guarantors of Trivandrum International Health Services Limited, involving a claim of ₹66.80 crores.
By - MMB Team, https://search.app/YwPtw
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