Section 12 of IBC- Resolution process should complete within specified time limit – SC

Committee of Creditors of Amtek Auto Limited Vs Dinkar T. Venkatsubramanian (Supreme Court of India) Facts- Resolution process was initiated against Amtek Auto Limited. Resolution plan submitted by Liberty came to be approved by NCLT, Chandigarh. However, the successful resolution applicant- Liberty didn’t act as per the approved resolution plan. An application u/s 60(5) read with 74(3) was filed by the COC/ financial creditors before Adjudicating Authority informing that the successful resolution applicant – Liberty has failed to act as per the approved resolution plan. DVI submitted the ...