While hearing a challenge to the Tribunal Reforms Act, 2021, the Supreme Court came down heavily on the government of India. A bench headed by Chief Justice of India (CJI) N V Ramana observed that National Company Law Tribunals (NCLT), and the National Company Law Appellate Tribunal (NCLAT) are hamstrung by vacancies not being filled on time.
The government has lauded the role of the Insolvency and Bankruptcy Code, 2016 (IBC), for improving Indias ranking on the Ease of Doing Business index over the last couple of years. However, the SCs observation is spot-on as vacancies in the tribunals have slowed down insolvency resolution due to the huge pendency of cases. When the SC made its observations, the NCLT had only 30 members against a to…
Read the full article at: https://indianexpress.com/article/opinion/columns/ease-of-doing-business-tribunal-reforms-act-nclt-7520055/
