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An impediment in the current insolvency regime is judicial delays. Consider the following examples of judicial pronouncements related to corporate insolvency from the last few years:
(a) On September 5, 2018, the adjudicating authority (AA) struck down a regulation that provided for the issue of invitation of expression of interest for being ultra vires of the Insolvency and Bankruptcy Code, 2016 (IBC) (State Bank of India vs Su-Kam Power Systems Ltd). On November 22, 2022, the Delhi High Court set aside the said order with a finding that the jurisdiction to deal with the validity and legality of the regulations is not conferred upon the AA.
(b) On September 16, 2020, the AA found a regulation that provided for the