Justice Mithal said that while the NCLT and NCLAT have played a central role in shaping India’s insolvency and company law jurisprudence, the completion of 10 years must be treated not merely as an occasion for celebration but also for honest introspection.
He said the tribunals have dealt with complex questions involving financial creditors, operational creditors, homebuyers, resolution applicants and statutory authorities. They have also helped alter the approach towards corporate default and financial discipline in India.
However, he flagged several structural challenges that continue to affect the functioning of the tribunals.
Pendency continues to pose a serious challenge with more than 18,000 cases waiting to be disposed of across…