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NCLT chief hopes to achieve resolutions in 180 days

IANS  |  New Delhi 

Repeatedly criticised for delays, Justice M.M. Kumar, here on Saturday, said with the 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 event.

The 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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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, May 04 2019. 19:22 IST
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