NCLT's Resolute Impact: A Testament to Efficient Insolvency Resolution
NCLT President Chief Justice (Retd) Ramalingam Sudhakar emphasized the positive outcomes of the insolvency law and the tribunal's performance. He urged the cessation of baseless criticisms about the Insolvency and Bankruptcy Code, highlighting the tribunal's significant contributions to resolving over 48,000 cases with an 85% success rate.
- Country:
- India
The outgoing NCLT President, Chief Justice (Retd) Ramalingam Sudhakar, praised the National Company Law Tribunal's crucial role in implementing the Insolvency and Bankruptcy Code (IBC), an essential framework for financial resolutions in India.
Sudhakar, who retired on Friday, called for an end to unwarranted criticisms of the IBC, noting the substantial benefits derived from it. He highlighted the tribunal's impressive track record, with over 48,000 cases resolved, reflecting an 85% resolution rate over the past four years.
During his farewell, the chief justice credited the tribunal's success to the collective efforts of all involved stakeholders. During his tenure, the NCLT approved 1,501 resolution plans, addressing debts totaling Rs 4,52,707 crore. These figures underscore the tribunal's vital role in India's corporate insolvency landscape.
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