NCLT Cannot Keep Reserved IBC Matter Pending Indefinitely: Bombay HC

JM Financial Asset Reconstruction Company Ltd. Vs Registrar (Bombay High Court) In JM Financial Asset Reconstruction Company Ltd. Vs Registrar, the Bombay High Court issued directions to the National Company Law Tribunal (NCLT), Mumbai, for constitution of a special Bench to dispose of a long-pending insolvency petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The petitioner had filed Company Petition No. C.P.(IB)/3500(MB)2019 under Section 7 of the IBC against respondent No.2 alleging default in repayment since 2008, with outstanding dues stated to be approxima...