Key Points
"Various aspects and structures of the planned framework are being examined and a final decision would be taken in due course."AgenciesThe.
The government is considering a creditor-led insolvency resolution mechanism under the bankruptcy law to fast-track settlement and ease the burden on the National Company Law Tribunal (NCLT), people aware of the development said...
The Corporate Insolvency Resolution Process (CIRP) mandated by the Insolvency and Bankruptcy Code (IBC) has seen lengthening delays amid rising legal challenges and a shortage of NCLT benches...
This is expected to reduce litigation in the insolvency admission and resolution process and also ease the workload of the adjudicating authority.. The proposal, which would require amendments to the IBC, was not part of the draft amendments to the code that the ministry of corporate affairs (MCA) had put out in January to seek stakeholder comments...
Speaking at the Economic Times Awards for Corporate Excellence 2023, finance and corporate affairs minister Nirmala Sitharaman last month acknowledged that delays in filing vacancies at the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT) are impacting the resolution process...
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