IBC reset needed: Delays in the resolution process must be addressed

If resolution plans can be set aside years later, it undermines the credibility of the insolvency process and raises questions about the very foundations of the Code. This cannot be allowed to persist

As reported by this newspaper, the Parliamentary Standing Committee on Finance, in a meeting last week, discussed the possibility of establishing a dedicated National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT) to expedite the resolution of insolvency cases under the Insolvency and Bankruptcy Code (IBC). Since the government is expected to introduce amendments to the IBC in the upcoming monsoon session of Parliament, the committee would do well to take this discussion forward and make suitable recommendations. The implementation of the IBC is seen as one of the most significant reforms in recent decades. For