NCLAT allows appeal against order rejecting a Section 230 scheme for ISR Infra Pvt Ltd due to a 90-day deadline.
Tribunal rules the 90-day period under Liquidation Process Regulation 2B(1) is directory, not mandatory, citing precedent.
Matter remanded back to the SCC for compliance with other statutory requirements for the scheme proposal.
Sole financial creditor, Respondent 2, filed a memo suggesting the proposal be routed through the SCC.