SC takes note of crisis in NCLT, says delays defeat insolvency law
New Delhi, April 30 -- The Supreme Court on Wednesday took suo motu cognisance of what it said was a deepening crisis in national company law tribunals across the country, warning that delays in approving insolvency resolution plans were frustrating the very purpose of the Insolvency and Bankruptcy Code.
A bench of justices JB Pardiwala and KV Viswanathan directed the matter be placed before CJI Surya Kant for assignment to an appropriate bench. A pan-India report before the court showed 383 resolution plan approvals pending, with delays ranging from 48 to 738 days. P14...
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