Delay in bankruptcy application u/s. 123 of IBC condoned as compliance with 121(2) is directory in nature

Kerala Financial Corporation Vs Bharath Chandran (NCLT Kochi) NCLT Kochi held that delay in filing bankruptcy application u/s. 123 of the Insolvency and Bankruptcy Code, 2016 condoned considering that compliance with Section 121(2) should be considered directory in nature. Accordingly, present appeal is allowed. Facts- These two applications have been filed by the Kerala Financial Corporation, Applicant/Creditor, seeking condonation of delay in filing applications u/s. 123(1) of the Insolvency and Bankruptcy Code, 2016, for initiating bankruptcy proceedings against Dr. Bharath Chandran and D...