New Delhi: Amid increasing delays, the select committee of Parliament examining the bill to amend the Insolvency & Bankruptcy Code has recommended that The National Company Law Appellate Tribunal (NCLAT) should dispose of appeals within three months of their receipt.“…IBC presently does not prescribe any statutory timelines for the disposal of appeals by NCLAT. This gap has resulted in delays, particularly in appeals challenging the rejection of claims during the CIRP (corporate insolvency resolution process) or liquidation processes, as well as appeals concerning the approval or rejection of resolution plans. The committee further noted that the Amendment Bill also fails to introduce any specific statutory timelines for the…
Insolvency Guardian
Insolvency Services & Bankruptcy Advice
