Standing Committee on Finance for Proposes Key Recommendations on NCLT and IBC to Address Delays

The Standing Committee on Finance has proposed key recommendations to address procedural delays and manpower shortages at the National Company Law Tribunal (NCLT) and improve the functioning of the Insolvency and Bankruptcy Code (IBC). The committee has flagged the growing backlog of insolvency cases and urged reforms to improve efficiency and reduce delays in the resolution process. The recommendations seek to enhance the quality of decision-making and reduce the time taken for the disposal of cases, which could streamline the resolution process and provide timely justice to stakeholders.