Look-Back Period Cannot Be Extended Beyond 2 year Limit u/s 43(4) Of IBC: NCLAT

The NCLAT has ruled that the look-back period for transactions under Section 43(4) of the IBC cannot be extended beyond the two-year limit. The case involved a corporate debtor where the resolution professional sought to extend the look-back period to include transactions beyond the specified limit. The NCLAT upheld the decision of the Adjudicating Authority, which had rejected the extension request. The tribunal emphasized that the two-year limit is a statutory provision and cannot be altered. This ruling provides clarity on the application of the look-back period and ensures that the resolution process adheres to the legal framework.