Rating agency Icra on Wednesday pitched for a separate framework for small-ticket insolvency cases before they reach the National Company Law Tribunal (NCLT), saying such a mechanism would reduce pressure on the tribunal and help expedite admissions for larger accounts.
“Icra believes that there is a necessity for a separate framework for small ticket-size cases before approaching the NCLT to reduce the burden on the benches and thereby expediting admissions for larger ticket-size cases,” the agency said in a report titled ‘Performance Update: Insolvency and Bankruptcy Code’.
The suggestion comes amid persistent delays in the insolvency process, with nearly 78% of ongoing corporate insolvency resolution process (CIRP) cases having…