The Kalyani Transco judgement has highlighted certain inefficiencies in the Code, calling for a revaluation of its provisions.

Courts must look at granting post expiry extensions judiciously in exceptional cases and imposing relevant costs and conditions so as to provide an implicit direction and judicial nudge towards a more proactive approach of seeking extensions on a genuine need basis instead of paving the way for more dilatory tactics. 

Hari Babu ruling gives scope for abuse of Section 29A by allowing backdoor entry of promoters.

It is important that the law laid down in the case of Hari Babu Thota be reviewed.

Author proposes a middle ground where promoters and directors are at least allowed to bring proposals under insolvency regime.