The average time taken for the conclusion of the corporate insolvency resolution process (CIRP) has surged to 680 days, as of March 2024, from 611 days a year ago, official data shows. This primarily reflects the huge backlog of cases that the NCLT is finding difficult to grapple with, say experts.
Finance Minister Nirmala Sitharaman had said during her Budget speech last month that appropriate changes to the IBC, reforms and strengthening of the tribunal and appellate tribunals will be initiated to speed up insolvency resolution. Following which, an official told FE that the government is likely to double the strength of NCLTs, in a few months.
The plan is to increase the NCLT benches to 30, and its member-strength to 115, from 15…
