Time limit prescribed under Liquidation Regulation 2B is directory & not mandatory

Prakash Oil Depot Vs G. Madhusudhan Rao (NCLAT Chennai) NCLAT Chennai held that time limit prescribed under Regulation 2B of the IBBI (Liquidation Process) Regulations, 2016 for completing and operationalising scheme of arrangement u/s. 230 of the Companies Act is only directory and not mandatory. Accordingly, extension of further 90 days granted. Facts- The present appeals are preferred by the Appellants, being aggrieved as against the impugned order of 26.05.2025. By virtue of the impugned order, which was passed by the Tribunal, in the proceedings being carried u/s. 7 of the I & B Code,...