Why in News?
The finance ministry, after reviewing delays in case admissions and resolutions at various National Company Law Tribunal (NCLT) benches, urged banks to adopt a more strategic and coordinated approach to strengthen the Insolvency and Bankruptcy Code (IBC) process for faster timelines and better value recovery.
What is the Insolvency and Bankruptcy Code (IBC) Process?
- Insolvency and Bankruptcy Code (IBC): Enacted in 2016 and based on the recommendations of the T.K. Vishwanathan’s Bankruptcy Law Reforms Committee (2015), the IBC created a unified, time-bound, and creditor-driven framework for resolving corporate distress in India.
- It was introduced when non-performing assets (NPAs) were…