How India's bankruptcy code framework is undergoing a quiet makeover

The insolvency regulator has in fact sought public comments on all the regulations it has notified under the code

On Wednesday, in a matter involving Finolex Cable, the Supreme Court used strong words while speaking about the National Company Law Tribunal and the National Company Law Appellate Tribunal — words such as “rot” and “unbecoming”.

The NCLT and NCLAT are quasi-judicial bod­ies established in June 2016 to adjudicate issues relating to Indian companies. Insolvency and Bankruptcy Code (IBC) experts say if the Supreme Court found NCLT and NCLAT mem­bers in contempt, it could set judicial precedents affecting IBC decisions.

“This might impact the credibility of the NCLAT and the trust stakeholders place in the insolvency resolution process. Such a