Govt plans steps to speed up disposal of cases under IBC

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  • < 1 minute
  • By Taxmann
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  • Last Updated on 23 February, 2021

FEB 19, 2021

Rachit Sharma, deputy general manager at Taxmann, said:

“… as of February 10, NCLT had just 41 members — 20 judicial and 21 technical. With this strength, the NCLT has to deal with matters arising both under the Companies Act and IBC. Delays in resolution exposes the investors to risk of price fluctuation in stock markets. For lenders, delay adds to the operational losses, destruction of capital, minimum recovery, and increase in the litigation cost. The government is taking steps to de-clog the NCLT, Sharma said. “The government has proposed to implement the ‘pre-packaged’ insolvency. Its implementation would further reduce the burden on NCLT as it requires minimum intervention by the tribunal,”

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