New Delhi: The National Company Law Tribunal (NCLT) will admit a case only if the twin major requirements of ‘debt’ and ‘default’ are established under the Insolvency and Bankruptcy (Amendment) Act 2026, legal experts said on Friday. The new features of the amended act, along with the competition law, were discussed at a media roundtable on the Insolvency and Bankruptcy Code and Competition Law in India organised by a law firm Khaitan and Co.
According to the legal experts Prateek Kumar and Siddharth Srivastava, both partners in the firm, as per the amended provisions, a security interest can only be created by an agreement or arrangement by the act of two or more parties, and that “Debt and Default are major determinants for admission…