Strengthening the IBC

SC decision to send Jaypee matter back to NCLT is welcome

One of the concerns about the Insolvency and Bankruptcy Code (IBC) has always been how well it will stand up to legal tests. The National Company Law Tribunal (NCLT), which is to preside over cases under the IBC, is after all a tribunal — and in the past the higher judiciary has not always looked kindly upon the tribunalisation of legal disputes. What worried many was that the speed and efficiency built into the design of the IBC would, when it faced the reality of the administration of justice in India, come a cropper. It is in this context that