Repeatedly criticised for delays, National Company Law Tribunal President Justice M.M. Kumar, here on Saturday, said with the government decision to appoint 32 new members to the NCLT the resolution process would speed up.
"Now that our strength has increased, we may even be able to complete the process (IBC) within 180 days against the current average 300 days," he said at an Assocham event.
The Appointments Committee of the Cabinet (ACC) gave its nod to the appointment of 32 members -- 14 judicial and 18 technical -- to the NCLT on Friday night. They have been appointed for a three-year term or till attaining the age of 65 years, whichever comes earlier.
Kumar said the appointment would help speed up the Insolvency and Bankruptcy Code (IBC) process and achieve faster resolution. He also advocated strengthening of the institution of resolution professionals saying they needed to be equipped with skills and strengths of their professions.
--IANS
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