Union Budget 2024: Increase no. of NCLT benches to make IBC more effective, lawyers tell govt

As the government prepares the 2024 Union Budget, lawyers urge amendments to the Insolvency and Bankruptcy Code (IBC), 2016, to strengthen India’s insolvency framework. Key suggestions include increasing the number of National Company Law Tribunal (NCLT) benches to reduce case pendency, introducing a preliminary screening mechanism for petitions, and allowing promoters to submit resolution plans if they are not wilful defaulters. Lawyers also advocate for a no-stay policy on Corporate Insolvency Resolution Process (CIRP) and regular progress monitoring of cases to improve efficiency and uphold the IBC’s intent of promoting entrepreneurship.