Ten-Day Time Period U/S 99 Of IBC For Submission Of Report By Resolution Professional Is Directory, Not Mandatory: NCLAT

The NCLAT clarified that the 10-day time period under Section 99 of the IBC for report submission by the Resolution Professional (RP) is directory, not mandatory. Section 99 relates to the pre-packaged insolvency resolution process for MSMEs. The appellate tribunal's interpretation provides flexibility in the timeline for the RP to submit their report, acknowledging potential practical challenges in adhering strictly to the 10-day period. However, it emphasizes that RPs should still strive for timely submission while allowing for some leeway based on the specific circumstances of each case.