Timelines under Regulation 35A for Avoidance Applications are Directory, Not Mandatory: Delhi High Court Rules in TATA Steel BSL Case

The Delhi High Court ruled that the timelines under Regulation 35A for filing avoidance applications under the Insolvency and Bankruptcy Code (IBC) are directory, not mandatory. This ruling came in the context of a case involving Tata Steel BSL, where the court emphasized that flexibility in procedural timelines is crucial to the fair and just resolution of insolvency matters. The decision underscores the need for a balanced approach in interpreting regulatory timelines, considering the complexities involved in insolvency cases.