A short excerpt on the recent judgment of a five-member special bench of the National Company Law Appellate Tribunal (NCLAT), wherein it held that the NCLAT has the power to recall its own orders on s...
Published On: 01/05/2016
Practice Area: Banking & Finance, Corporate & Commercial, Insolvency & Restructuring
Authors:
Ran Chakrabarti
The Insolvency and Bankruptcy Code, 2016 (the “Codeâ€) passed by the Lok Sabha on 5th May, 2016[1] seeks to provide a framework for time-bound settlement of insolvency by formulating a survival mechanism or by ensuring speedy liquidation by a formal insolvency resolution process (“IRPâ€).
