The appellate authority acted in complete contravention of Regulation 39(1A) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, which was introduced to prevent prolonged negotiations by CoC and unnecessary delays on account of consideration of unsolicited bids and litigation, Torrent argued. Torrent Investments told the Supreme Court that NCLAT ignored the mandate of the Insolvency and Bankruptcy Code ( IBC) to conduct the insolvency process in a time-bound manner when it erroneously concluded that CoC is empowered to negotiate further with resolution applicants, or annul the resolution process and call for a higher bid.
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