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Insolvency

Gavel to the block: An overburdened NCLT is a drag on the new bankruptcy code

The tribunals need better infrastructure, processes, and policies to give more teeth to the Insolvency and Bankruptcy Code and avoid the fate of the Debt Recovery Tribunals.
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12 Feb 2019 8 Mins Read 2 comments
(From Left) Virender Ganda, president NCLT; Mahesh Mittal Kumar, chairman NCLT; SJ Mukhopadhyay, chairperson, NCLT; S Balasubramanian, former chairman, Company Law Board, Patron, NCLT; courtesy of NCLT via Facebook
(From Left) Virender Ganda, president NCLT; Mahesh Mittal Kumar, chairman NCLT; SJ Mukhopadhyay, chairperson, NCLT; S Balasubramanian, former chairman, Company Law Board, Patron, NCLT; courtesy of NCLT via Facebook
It could be the crowning glory for Prime Minister Narendra Modi as he seeks a second term after a few months. The Insolvency and Bankruptcy Code (IBC) has made a difference in resuscitating sick companies and tackling the NPA menace. The then finance minister Arun Jaitley, in a January blog post, estimated that about INR80,000 crore has been recovered
process to be completed soon. Despite all its troubles and inefficiencies, the current IBC regime and its structures are much better than the systems they replaced. But for the new regime to restore the health of lenders and corporates, NCLT’s problems should be ironed out swiftly. ( With inputs from Priyanka Salve) ( Graphic by Mohammad Arshad)
It could be the crowning glory for Prime Minister Narendra Modi as he seeks a second term after a few months. The Insolvency and Bankruptcy Code (IBC) has made a difference in resuscitating sick companies and tackling the NPA menace. The then finance minister Arun Jaitley, in a January blog post, estimated that about INR80,000 crore has been recovered process to be completed soon. Despite all its troubles and inefficiencies, the current IBC regime and its structures are much better than the systems they replaced. But for the new regime to restore the health of lenders and corporates, NCLT’s problems should be ironed out swiftly. ( With inputs from Priyanka Salve) ( Graphic by Mohammad Arshad)

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