Deciding two connected writ petitions arising from a common Industrial Tribunal Award, the Delhi High Court set aside the Tribunal's direction granting hotel workmen a further…
Labour Laws
06/09/20264 min read
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Informative
90-Day Time Limit under Regulation 2B for Completing Section 230 Scheme of Arrangement is Directory: NCLAT grants 90 More Days
Corporate Law & GovernanceInsolvency & Bankruptcy Code
The NCLAT has ruled that the "time limit under Regulation 2B" for completing a "Section 230 scheme of arrangement is directory," granting 90 more days. The tribunal's decision clarifies a key procedural aspect of the IBC. The ruling reinforces the principle that a court can extend a deadline if there is a valid reason. This is a crucial precedent for other cases.
