The Supreme Court ruled that Corporate Insolvency Resolution Process (CIRP) carried out under the Insolvency and Bankruptcy Code (IBC) must be completed within 330 days as laid down by the Code and also held that the adjudicating authority cannot allow modifications or withdrawals of Resolution Plans approved by the Committee of Creditors at the behest of the successful Resolution Applicant, once the plan is submitted to it. It was ruled that the time limit can be extended only in exceptional circumstances as otherwise, the “open-ended process for further negotiations or a withdrawal, would have a deleterious impact on the Corporate Debtor, its creditors, and the economy at large as the liquidation value depletes with the passage of time. NCLT and NCLAT were also asked to respect the deadline keeping in mind the “effect of such delays on the insolvency resolution process”.