Supreme Court Judgement

Background: As of now the time limit for resolution process under IBC is mandatorily 330 days in all cases. Post this, the only option is liquidation of asset.

  • The Court extended the timeline by suggesting that 330 days process must be followed in ‘ordinary times’.
  • The Court observed that litigants suffer due to ‘tardy legal proceedings’ and hence they must not be ripped off their ‘right to carry on business’ under article 19(1)(g) of the constitution.
  • Article 19
  • It deals with six basic/fundamental rights of an individual i.e.,
  • 19(1)(a): freedom of speech and expression.
  • 19(1)(b): freedom to assemble peacefully and without arms.
  • 19(1)(c): freedom to associations or ....
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