New Delhi, Sep 13 (TIWN) Raising concern over delays in corporate insolvency resolution processes (CIRP), the Supreme Court on Monday asked the National Company Law Tribunal and the National Company Law Appellate Tribunal to strictly adhere to the mandated 330-day timeline.

Observing that judicial delay was one of the major reasons for the failure of the insolvency regime that was in effect prior to the Insolvency and Bankruptcy Code (IBC), the court said: "We cannot let the present insolvency regime meet the same fate."  The bench, headed by Justice D.Y. Chandrachud, said that the NCLT and the NCLAT should endeavour, on a best effort basis, to strictly adhere to the timelines stipulated under the IBC and clear pending resolution plans forthwith.